Suppose the manager of a restaurant notices that when she has too many waiters on the floor for a shift that the waiters get in each other's way and fewer dinners are served. This is an example of

The short-run industry supply curve in a perfectly competitive market is the horizontal sum of each firm's short-run supply curve

a. True b. False

To maximize profit, a monopolist should produce the level of output at which

a. price equals marginal cost b. price equals marginal revenue and marginal cost c. price equals marginal revenue d. marginal revenue equals marginal cost e. price equals average total cost