Firm X owns both a grocery store and the parking lot outside the grocery store. In order to increase the traffic at the store the owners of the store should
a. Increase the prices on the goods sold in the store
b. Increase the parking rates
c. All of the above
d. None of the above
d
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In the above table, if the marginal revenue product is $14, how many workers will the profit maximizing monopsonist hire?
A) 2 B) 3 C) 4 D) 5
As one moves down a straight-line demand curve, the elasticity increases
a. True b. False Indicate whether the statement is true or false
Suppose that both the supply of iPads and the demand for iPads decrease. One can predict that the:
A. equilibrium price and quantity will fall. B. equilibrium price will rise, but the change in equilibrium quantity is uncertain. C. equilibrium quantity will fall, but the change in equilibrium price is uncertain. D. equilibrium price and quantity will rise.
The basic economic problem of ________ has always existed and will continue to exist
A) scarcity B) efficiency C) inflation D) recession