China is a monopoly supplier of pandas to the world's zoos and rents out a pair of pandas for $1 million a year.As a monopolist,what must China do if it wants to rent out more pairs of pandas?
A)Increase the price.
B)Decrease the price.
C)Keep the price the same.
D)Allow international zoos to breed pandas and keep them.
E)Breed more pandas in China and rent them at the same price.

Question

Quizplus · Accepted Answer

To increase the quantity rented out, a monopolist must decrease the price to attract more buyers, as they face a downward-sloping demand curve.

China Is a Monopoly Supplier of Pandas to the World's