ECON 2302

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an oligopoly is a market which

there are few sellers, each offering a product similar or identical to the products offered by other firms in the market

refer to figure 16-2 if the average total cost is $30 at the profit- maximizing quantity, then the firms maximizing profit is

$144

refer to figure 16-11, how much consumer surplus will be derived from the purchase of this product at the monopolistically competitive price

$250

refer to figure 16-2 in order to maximize profit the firm will charge a price of

$36

refer to figure 16-11, the profit for this firm is

%500

Referred to figure 17-11. Payoffs are listed in the order Albus Minerva serverus. what is the Nash equilibrium for the game

(2,1,1)

Referred to figure 17-5 the US is fearful of an attack by Soviet Russia (ussr) and is considering the deployment of troops to West Germany air freshener does attack US would have the option of a counterattack payoffs are listed in the order (us,ussr) what is the Nash equilibrium for the games

(2,3): US= Deploy, USSR= does not attack

Refer to table 17-18 these two firms agree to corroborate to maximize their joint profit The outcomes of the game will be

10 units of output for firm a and 10 units of output for firm b

Refer to table 17-18 the national equally room for this game is

12 units of output for firm a and 12 units of output for firm b

refer to figure 16-2 the firms profit-maximizing level of output is

24 units

When oligopolistic firms interact with one another each choose their best strategy given the strategies chosen by other firms in the market we have

A Nash equilibrium market

In the prisoners dilemma game self interest leads

All of the above are correct

A group of firms that in unison to maximize collect the profits it's called a

Cartel

A monopolistically competitive market is like a monopoly in that

Firms in both market structures that price above marginal cost

Referred to table 17-25. The dominant strategy

For both firms is to offer the discount

Referring to table 17-19 what is the Nash equilibrium of the price city game

Grocery store one: low price. grocery store number two: low price

Cartels in the United States are

Illegal

Refer to table 17-19. If grocery store 1 set a low price, what price should grocery store 2 set

Low price, $500

Refer to table 17-15 which of the following outcomes represent a Nash equilibrium in the game

Middle right

Game theory is necessary to understand what kinds of market

Oligopoly

A firm is a price taker

Only when it is perfectly competitive

The Sherman antitrust act

Restricted the ability of competitors to engage in cooperative agreements

In a game a dominant strategy is

The best strategy for a player to follow regardless of the strategies followed by other players

Referred to table 17-14 which of the following statements about this game is true

Up is a dominant strategy for a and right is A dominant strategy for B

Refer to table 17-14 which outcome is the Nash equilibrium in this game

Up right

Which of the following parts illustrates the two extreme examples of market structures

competition and monopoly

firms that spend the greatest percent of their revenue on advertising tend to be firms that

highly-differentiated consumer goods

one way in which monopolistic competition differs from oligopoly is that

in oligopoly markets there are only a few sellers

a monopolistic competitive industry is characterized by

many firms selling products that are similar but not identical

which of the following statements is not correct

monopolistic competition is similar to perfect competition because both market structures are characterized by free enrty

in which of the following market structures can firms earn economic profits in the long run

monopoly

refer to figure 16-11, the graph depicts a monopolistically competitive firm in the short-run. Which of the following explanations best describes the long run adjustment

more firms will enter this market, shifting this firm's demand curve to the left

a market is comprised of many firms as opposed to just one firm or a few firms

only when it is perfectly competitive or monopolistically competitive

refer to fugure 16-3, what is the profit maximizing price, quantity, and resulting profit

p=$80 q=20 units profit=$200

refer to figure 16-5, which of the graphs depicts a short-run equilibrium that will encourage the exit of some firms from a monopolistically competitive indusrty

panel b

refer to figure 16-5, which of the following graph depicts a short-run equilibrium that will encourage the entry of other firms into a monopolistically competitive industry

panel c

a firm operating in a monopolistically competitive market can earn positive total profits in

the sort run but not the long run

a firm in a monopolistic competitive market is similar to a monopoly in the sense that

they both face downward-sloping demand curves AND they both change a price that exceedes marginal cost

if we observe a great deal of advertising of men's shaving products, we can infer that

those products are highly differentiated


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