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 store should
a. Decrease the prices on the goods sold in the store
b. Increase the parking rates
c. All of the above
d. None of the above
a
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A pure monopoly is defined as having only one seller.
Answer the following statement true (T) or false (F)
Adam Smith's behavioral assumption about humans was that people
A) usually act in a rational, self-interested way. B) are consistently greedy. C) typically act irrationally. D) typically act randomly.
This market situation is much like a pure monopoly except that its member firms tend to cheat on agreed upon price and output strategies. What is it?
A) Duopoly B) Cartel C) Market sharing monopoly D) Natural monopoly
Which of the following will cause an increase in aggregate supply?
A) decreased competition B) an increase in the price level C) an increase in marginal tax rates D) a decrease in input prices