The Figure Given Below Shows the Aggregate Demand and Supply

question 106

Multiple Choice

The figure given below shows the aggregate demand and supply curves of a perfectly competitive market.Figure 10.7

-In many cities, the market for cab services is monopolized. This monopoly arises because:

• A)of economies of scale.
• B)of government restrictions on the entry of new firms.
• C)there is a limited space on the streets for taxis.
• D)it protects the consumers from unscrupulous drivers.
• E)of high fixed costs of entering the business.

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Definitions:

Universal Instantiation

A logical rule of inference that allows the derivation of a particular instance from a general statement, often used in formal proofs.

Universal Generalization

A logical rule that states if something is true for all members of a class, it is true in general.

Quantifier Negation

A logical operation that reverses the scope of a quantifier in a statement, changing its overall truth value.

Existential Generalization

A logical operation that infers the existence of at least one individual meeting a specified condition from a statement concerning that individual.