Jane purchases snickle-dees only because her friends do. This is a. price-leader
ID: 1254951 • Letter: J
Question
Jane purchases snickle-dees only because her friends do. This isa. price-leadership.
b. positive market feedback.
c. negative-sum game.
d. negative market feedback.
Cooperation that continues as long as the players continue to cooperate is
a. opportunistic behavior.
b. a negative-sum game.
c. a zero-sum game.
d. tit-for-tat strategic behavior.
The joining of firms that are producing or selling a similar product is known as
a. a conglomerate merger.
b. economies to scale.
c. a vertical merger.
d. a horizontal merger.
The joining of a firm with another to which it sells an output or from which it buys an input is known as
a. a vertical merger.
b. a horizontal merger.
c. a conglomerate merger.
d. economies to scale.
Refer to above figure which represents a duopoly industry. What would be the likely total industry payoff or profit?
a. $9 million
b. $14 million
c. $10 million
d. $8 million
e. zero
Straight Cut beauty salon merges with Clean-Cut beauty salon. This is an example of
a. horizontal merger.
b. vertical merger.
c. concentration ratio.
d. conglomerate merger.
In which market structures do firms engage in nonprice competition?
a. Monopolistic competition, oligopoly and monopoly.
b. Oligopoly and monopoly.
c. Monopolistic competition and oligopoly.
d. Perfect competition and monopolistic competition.
Any rule that is used to make a choice is
a. concentration ratio.
b. strategy.
c. positive sum game.
d. zero sum game.
Switching costs refer to
a. the costs to consumers when an oligopolist decides to increase the price of the product.
b. the costs involved when a firm changes the way it produces a product.
c. the costs involved when a firm switches from a kinked demand curve to a price leadership model.
d. the costs to consumers when going from one product to another.
If the demand curve facing a firm is kinked, then we know that
a. the firm does have a dominant strategy, which is to raise price slightly.
b. the firm does not have a means of maximizing profit.
c. the firms are colluding.
d. there is a gap in the firm's marginal revenue curve.
Your teacher decides to play a game where every student must contribute a dollar. All money collected is distributed at the end of the game among the students. This is an example of a
a. concentration ratio.
b. strategy.
c. positive sum game.
d. zero sum game.
The limit-pricing model is a model that hypothesizes that a group of incumbent firms will
a. charge as high a price as possible and then induce any entrants into forming a cartel.
b. set the lowest price it can that will not let an entrant make a profit.
c. set price at marginal cost in order to prevent new firms from entering.
d. set price at marginal cost when the market is contestable.
Which of the following is an example of a vertical merger?
a. Northeastern Illinois University merging with Roosevelt University.
b. Northeastern Illinois University merging with a training academy for new professors.
c. Northeastern Illinois University merging with McDonald's.
d. Northeastern Illinois University going from a public to a private university.
All of the following are reasons for an oligopoly to occur EXCEPT
a. independence among firms.
b. economies to scale.
c. barriers to entry.
d. merger.
A market situation in which there are a few firms that recognize their mutual interdependence is
a. regulated monopoly.
b. oligopoly.
c. monopoly.
d. monopolistic competition.
Which of the following is an example of a horizontal merger?
a. Northeastern Illinois University merging with Roosevelt University.
b. Northeastern Illinois University merging with McDonald's.
c. Northeastern Illinois University merging with a training academy for new professors.
d. Northeastern Illinois University going from a public to a private university.
Explanation / Answer
Jane purchases snickle-dees only because her friends do. This is
a. price-leadership.
b. positive market feedback.
c. negative-sum game.
d. negative market feedback.
Cooperation that continues as long as the players continue to cooperate is
a. opportunistic behavior.
b. a negative-sum game.
c. a zero-sum game.
d. tit-for-tat strategic behavior.
The joining of firms that are producing or selling a similar product is known as
a. a conglomerate merger.
b. economies to scale.
c. a vertical merger.
d. a horizontal merger.
The joining of a firm with another to which it sells an output or from which it buys an input is known as
a. a vertical merger.
b. a horizontal merger.
c. a conglomerate merger.
d. economies to scale.
Refer to above figure which represents a duopoly industry. What would be the likely total industry payoff or profit?
a. $9 million
b. $14 million
c. $10 million
d. $8 million
e. zero
There is no figure
Straight Cut beauty salon merges with Clean-Cut beauty salon. This is an example of
a. horizontal merger.
b. vertical merger.
c. concentration ratio.
d. conglomerate merger.
In which market structures do firms engage in nonprice competition?
a. Monopolistic competition, oligopoly and monopoly.
b. Oligopoly and monopoly.
c. Monopolistic competition and oligopoly.
d. Perfect competition and monopolistic competition.
Any rule that is used to make a choice is
a. concentration ratio.
b. strategy.
c. positive sum game.
d. zero sum game.
Switching costs refer to
a. the costs to consumers when an oligopolist decides to increase the price of the product.
b. the costs involved when a firm changes the way it produces a product.
c. the costs involved when a firm switches from a kinked demand curve to a price leadership model.
d. the costs to consumers when going from one product to another.
If the demand curve facing a firm is kinked, then we know that
a. the firm does have a dominant strategy, which is to raise price slightly.
b. the firm does not have a means of maximizing profit.
c. the firms are colluding.
d. there is a gap in the firm's marginal revenue curve.
Your teacher decides to play a game where every student must contribute a dollar. All money collected is distributed at the end of the game among the students. This is an example of a
a. concentration ratio.
b. strategy.
c. positive sum game.
d. zero sum game.
The limit-pricing model is a model that hypothesizes that a group of incumbent firms will
a. charge as high a price as possible and then induce any entrants into forming a cartel.
b. set the lowest price it can that will not let an entrant make a profit.
c. set price at marginal cost in order to prevent new firms from entering.
d. set price at marginal cost when the market is contestable.
Which of the following is an example of a vertical merger?
a. Northeastern Illinois University merging with Roosevelt University.
b. Northeastern Illinois University merging with a training academy for new professors.
c. Northeastern Illinois University merging with McDonald's.
d. Northeastern Illinois University going from a public to a private university.
All of the following are reasons for an oligopoly to occur EXCEPT
a. independence among firms.
b. economies to scale.
c. barriers to entry.
d. merger.
A market situation in which there are a few firms that recognize their mutual interdependence is
a. regulated monopoly.
b. oligopoly.
c. monopoly.
d. monopolistic competition.
Which of the following is an example of a horizontal merger?
a. Northeastern Illinois University merging with Roosevelt University.
b. Northeastern Illinois University merging with McDonald's.
c. Northeastern Illinois University merging with a training academy for new professors.
d. Northeastern Illinois University going from a public to a private university
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