Question 7 (3 points) A product that must be actually consumed before the qualit
ID: 1211229 • Letter: Q
Question
Question 7 (3 points)
A product that must be actually consumed before the quality of the product can be determined is a(n)
Question 7 options:
search good.
consumable good.
experience good.
consumption good.
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Question 8 (3 points)
A very high fixed cost and a relatively low marginal cost is associated with
Question 8 options:
an information product.
a persuasive good.
every type of good or product.
an experience good.
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Question 9 (3 points)
The analytical framework in which two or more individuals, companies, or nations compete for certain payoffs that depend on the strategy that others employ is
Question 9 options:
opportunistic behavior.
the dominant equilibrium.
game theory.
the tit-for-tat equilibrium.
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Question 10 (3 points)
All of the following are characteristics of monopolistic competition EXCEPT
Question 10 options:
a few firms dominate the industry.
advertising.
many firms in the industry.
product differentiation.
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Question 11 (3 points)
The outputs of an oligopolistic industry
Question 11 options:
have no substitutes on the market.
always have excise taxes imposed on them.
must cost above $100 on the market.
can be homogeneous or differentiated.
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search good.
consumable good.
experience good.
consumption good.
Explanation / Answer
7) Experience good.
Experience good is a good whose quality can be determined only after consuming the good. For example, restaurant is an experience good.
8) A very high fixed cost and relatively low marginal cost is associated with experience good.
9) the tit-for-tat equilibrium is the analytical framework in which two or more individuals, companies, or nations compete for certain payoffs that depend on the strategy that others employ.
10) a few firms dominate the industry.
There are large number of buyers and sellers in the market and each firm can control the price and output to some extent.
11) The oligopolistic industry can be either homogeneous ir differentiated.
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