Liberty University ECON 213 quiz 12 complete Answers | Rated A+
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There are four ice cream shops on a small tourist island. The accompanying table shows the quantity of ice cream cones that each firm produces in a typical year and the price that each firm currently charges for each ice cream cone it sells. An economist might suspect __________ collusion occurring in this market where __________ is the price leader and all other firms set price to match the price leader.
The practice of setting prices deliberately below __________ costs in an effort to drive a competitor out of the market is known as predatory pricing.
Firm A prices its products so low that it drives competitors out of the market. After all of its competitors have been driven out of the market, Firm A raises prices significantly. Which statement best explains how regulation applies to this situation?
Like a pure monopoly, an oligopoly is characterized by:
A monopolistically competitive market consists of many sellers, an oligopoly consists of __________ seller(s), and a monopoly consists of __________ seller(s).
The practice of setting prices deliberately below average variable costs in order to put a rival out of business is known as:
KitNSit, Inc. and Kittysitters, Inc. are two catsitting services in Kent, Ohio. There are no other catsitting services so the market is considered to be a duopoly. According to the kinked demand prices, Kittysitters, Inc. will __________.
According to Section 2 of the Sherman Antitrust Act, a person who attempts to monopolize commerce among the several states is guilty of a(n):
According to the kinked demand curve theory, the behavior of firms in an oligopoly creates a demand curve that is __________ at prices above the cartel price and __________ at prices below the cartel price.
When a market is characterized by mutual interdependence:
Assume all markets are in longrun equilibrium. The market quantity supplied in an oligopoly would be __________ the market quantity supplied in a monopoly and __________ the market quantity supplied in a competitive market.
In a repeated prisoner’s dilemma, a player that is playing titfortat will:
Player A and Player B are playing a game involving several rounds of a prisoner’s dilemma where their choices are to “cooperate” or “defect.” After each round ends, one player roles a sixsided die. If the die lands on 6, the game ends; however, if the die lands on any other number, the game continues and players play another round. Prior to the game starting, the players formulate a strategy that specifies what they will do in every possible round they might find themselves in. If Player A is playing the titfortat strategy, in the:
In 2011, three firms (Firm A, Firm B, and Firm C) were selling cellular phone service for a price of $40 per month in Hershey, Pennsylvania. Each firm serviced 100 cellphone customers; thus, all firms together serviced a total of 300 customers. Assume marginal cost is 0 (zero) for all firms and thus total revenue is equal to total profit. In 2012, Firms A and B continued to service 100 customers, but Firm C now serviced 150 customers; thus, all firms together serviced a total of 350 customers. All firms now charge $30 per month. Due only to the price effect, profits for each firm decline by $1,000. Due only to the output effect, profits for both Firm A and Firm B did not change, and profits for Firm C increased by $1,500. It was in Firm C’s interest to increase output because:
The presence of significant positive __________ externalities can drive small firms out of business or force them to merge with larger competitors.
The branch of economics that studies strategic decision making is called:
If network externalities exist in an industry, the __________ firm to enter the market is often the one that succeeds in dominating the industry.
Legislative efforts to curtail the adverse consequences of oligopolistic cooperation began with the __________.
The Nash equilibrium in an oligopolistic market is generally __________ for society than the outcome under collusion because the price is __________ marginal cost.
Refer to the accompanying table. If Keisha keeps quiet, Larry will spend __________ years in jail if he confesses and __________ years in jail if he also keeps quiet.
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