Description
ECON 1002/MGMT 3503 Microeconomics Week 5 Quiz
- An industry in which a small number of large firms sell products that are either close or perfect substitutes is:
- Which of the following characteristics distinguishes an imperfectly competitive industry from a perfectly competitive industry?
- As a result of economies of scale, as output expands:
- Suppose when a firm produces 1,000 units their total costs equal $5 million. When they produce 2,000 units their total costs equal $9 million. Which of the following statements is true regarding this firm?
- Price discrimination occurs when:
- As a result of the hurdle method of price discrimination:
- Game theory helps to understand the behavior of firms:
- A strategy that yields a higher payo” no matter what the other players in the game choose is known as a:
- A prisoner’s dilemma occurs when:
- A way of changing incentives so as to make promises credible is known as:
