Exam (elaborations)
End of Semester Test 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)
- Course
- Institution
End of Semester Test 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)
[Show more]
Content preview
End of Semester Test.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/End%20of%20SemestEnd of Semester Test
1. In a game, a Nash equilibrium is reached only if the players
A) have no best response for the choices made by other players.
B) understand the game and the payoffs associated with each strategy.
C) use backward induction method to develop their strategies.
D) follow a mixed strategy.
ANS B) understand the game and the payoffs associated with each strategy.
2. A profit maximizing monopoly's price is
A) less than the price that would prevail if the industry was perfectly compet- itive.
B) not consistently related to price that would prevail if the market was perfectly
competitive.
C) greater than the price that would prevail if the industry was perfectly
competitive.
1/
1 of 21 8/8/2024, 2:45
,End of Semester Test.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/End%20of%20Semest
D) the same as the price that would prevail if the industry was perfectly com- petitive.
ANS C) greater than the price that would prevail if the industry was perfectly competitive.
3. The incidence of a tax depends on whether the government collects the tax from buyers
or sellers.
True or False
ANS False
4. Some superstar athletes in the sports industry earn very high levels of income relative
to other occupations, and over time the wage differential has been increasing. What could
have caused this?
A) The supply of star athletes has decreased.
B) The market power of athletes' unions has increased.
C) Technological advances such as cable television has increased the demand for sports
entertainment.
D) The supply of star athletes has increased due to college athletic programs.-
2/
2 of 21 8/8/2024, 2:45
,End of Semester Test.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/End%20of%20Semest
ANS C) Technological advances such as cable television has increased the demand for sports
entertainment.
5. If in the market for peaches the supply curve has shifted to the left,
A) the quantity of peaches supplied has increased.
B) the supply of peaches has decreased.
C) the supply of peaches has increased.
3/
3 of 21 8/8/2024, 2:45
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BESTGOODIES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now