448f05x1 - ECONOMICS 448 Exam 1 Fall 2005 NAME PLEDGE You...

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ECONOMICS 448 Exam 1 Fall 2005 NAME:________________________________ PLEDGE:______________________________ You have 50 minutes to complete this exam. You may take it in any open classroom on the second floor of Quigley Hall. You may not consult your notes, book, or classmates. The points awarded for each question should be correlated with the length of your answer. If you need more space for an answer, please use the space after question 11. 1. (15) How do Klein, Crawford, and Alchian differ from Coase in their explanation of the boundaries of the firm? Describe the transaction costs each highlight and compare. 1
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2. (10) On the following graph, draw the marginal revenue curve, monopoly price and quantity, monopoly profits, and consumer surplus. Label carefully. 3. (10) Provide a brief definition of bounded rationality and opportunism. Why are they important concepts? 2 MC P D Q AC
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4. (3) In the model of a monopolistically competitive industry discussed in class, each firm: a. Is a price maker. b.
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This test prep was uploaded on 04/22/2008 for the course ECON 448 taught by Professor Nonnenmacher during the Fall '07 term at Allegheny.

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448f05x1 - ECONOMICS 448 Exam 1 Fall 2005 NAME PLEDGE You...

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