The Sherman Antitrust Act of 1890
a. immediately reduced the number of trusts and the incidence of anticompetitive behavior
b. established the Antitrust Division of the Department of Justice
c. did not apply to farmers
d. was not fully enforced at first
e. prohibited price discrimination
Question 2
Suppose, at its present rate of output, a perfectly competitive firm's marginal revenue exceeds both its marginal cost and its average variable cost. To maximize profit, the firm should
a. lower the price
b. raise the price
c. increase output
d. reduce output
e. maintain its current rate of output
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Part A - Calculating the expected number of each phenotype
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