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Econ 3251 Exam With Complete Solutions Latest Update
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Econ 3251 Exam With Complete SolutionsLatest Update
Why does perfect competition guarantee a Parento optimal distribution of goods
between two people? Under perfect competition, - ANSWER everyone faces the same
prices
All possible efficient allocations of 2 goods between 2 people are located on - ANSWER
the contract curve
Which of the following can be thought of as a barrier to entry? - ANSWER scale of
economies, patents/copy rights, strategic action of incumbent firms, and large fixed
cost
If the initial distribution of two goods between two people is Parento optimal, which of
the following statements is TRUE? - ANSWER it is possible to reallocate the goods
between the two people so as to increase the utility of one person, but only at the
expense of the other person
An efficient allocation of goods in an exchange economy means that - ANSWER no one
can be made better off without making somebody else worse off
according to the text, which of the following is true in the Stackelberg model? - ANSWER
the first firm produces more than its rival
according to the text, in the ______________, each firm treats the output of its competitors
as fixed and then decides how much to produce - ANSWER Cournot model
a Nash equilibrium occurs when - ANSWER each firm is doing the best it can given its
opponents' actions
, a local restaurant offers "early bird" price discounts for dinners ordered from 4:30 to
6:30pm. This is an example of - ANSWER peak-load pricing
which of the following are examples of cooperative games? - ANSWER the bargaining
between a buyer and seller over the price of a car
in a market with a bilateral monopoly - ANSWER there is a single buyer and a single
seller
which of the following is NOT an example of buyer interaction that may improve the
effectiveness of monopsony power? - ANSWER labor unions that negotiate wage
contracts for many workers who are employed by one firm
a local theater charges $5.00 for every matinee (daytime) ticket, but the ticket prices
are much higher during the evening. This is an example of - ANSWER peak-load pricing
the situation in which buyers are able to affect the price of a good is referred to as
______________ power - ANSWER monopsony
for a competitive buyer, the marginal expenditure per unit of an input - ANSWER equals
the average expenditure per unit
according to text, which of the following strategies are used by firms to capture
consumer surplus? - ANSWER Price discrimination, bundling, and two-part tariffs
a monopoly is characterized by all of the following except - ANSWER there are only a
few sellers each selling a unique product
which of the following is not true regarding monopoly? - ANSWER monopolist can
charge as high a price as it likes
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