darkhero99

A key reason why bad economics (Benefits < Costs) can be good politics is that:

A. benefits may be much more concentrated than the costs.

B. costs may be much more concentrated than benefits.

C. deferred and concealed benefits.

D. costs are much more visible than benefits.

E. none of the above

Politics is a competitive arena that exists to:

A. authorize some people to use force.

B. legitimize a monopoly on the application of force.

C. avoid violent resolution of controversial market outcomes.

D. all of the above

E. none of the above

As a firm increases its output level in the short run, the costs of producing additional units of out-put eventually increase because of: A. Diseconomies of scale. B. Diminishing marginal returns. C. Increases in average fixed costs. D. Specialization and division of labor.

Which statement below is TRUE? (Please explain why. Thanks!)

A. Decreasing returns to scale and diminishing returns to production are two ways of stating the

same production relationship.

B. The law of diminishing returns implies that variable inputs must eventually have negative

marginal products.

C. Constant returns to scale implies that in the short run, the marginal product of labor and the

average product of labor must eventually converge.

D. All the above are true.

E. None of the above is true.

In the short run when some inputs are​ fixed, marginal cost must eventually rise as a​ firm's output increases because

A. the prices the firm pays for​ labor, material and other variable inputs will increase. B. there will eventually be diminishing marginal products for the​ firm's variable inputs. C. there will eventually be decreasing returns to scale. D. All of the above.

If a production process exhibits diminishing returns, then as output rises:

a) average total cost will eventually decrease

b) marginal cost will eventually increase

c) total fixed cost will eventually increase

d) totaly revenue will eventually decrease

Under which market structure(s) must the product be differentiated?

a. only oligopoly

b. only monopolistic competition

c. oligopoly and monopoly

d. oligopoly and monopolistic competition

e. all market structures

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during the 19th century, charles dickens ______ one of the most famous british novelists.

1. Why are cartels difficult to maintain?

2. What is needed for predatory pricing to succeed in increasing long run profits?

3. Consider two firms, Speedy and Hustle, which provide land transportation from the downtown area to the airport. The two firms decide their prices independently and simultaneously. If both firms decide to charge $20 per passenger, then each firm will serve 100 passengers per day at an average cost of $15 per passenger so their profit will be $5*100 = $500. If both firms decide to charge $28 per passenger, then each firm will serve 75 passengers per day at an average cost of $18 per passenger so their profit will be $10*75=$750. If one firm charges $20 while the other firm charges $28, the low-price firm will earn a profit of $900, and the high-price firm will earn a profit of $400 per day. What is the Nash equilibrium? Hint: construct a 2x2 payoff matrix first.

4. Consider the following game in which two players simultaneously decide whether to adopt technology A or adopt technology B. If the players both adopt technology A then each will receive a payoff of 300. If they both adopt technology B then each will receive a payoff of 400. If they adopt different technologies then their payoffs will be zero. What is the Nash equilibria of this game? Hint: draw a 2x2 payoff matrix first.

An agreement between Nextflix and Flixbuster to each supply 250 subscriptions is an example of:

a. price discrimination.

b. Bertrand competition.

c. price leadership.

d. collusion.

e. increasing marginal costs

Firm A and Firm B are duopolists. They are choosing the price for which they will sell their products and the quantity they will sell. Both firms make their decisions simultaneously. The _________ in this situation occurs when Firm B chooses a pricing strategy given the strategy that Firm A chooses, and Firm A chooses a pricing strategy given the strategy that Firm B chooses.

a. antitrust equilibrium

b. Nash equilibrium

c. Von Neumman equilibrium

d. Morgenstern equilibrium

e. cartel equilibrium

6. In 2011, three firms were selling cellular phone service for a price of $40 per month in Pittsburgh, Pennsylvania. In 2012, five firms were selling cellular phone service for a price of $30 per month. Which effect best describes the likely decrease in profits experienced by each of the three original firms due only to the lower market price?

a. competitive effect

b. price effect

c. output effect

d. market effect

e. oligopoly effect

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