sample final exam questions - Microeconomics(Fall 2015...

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Microeconomics (Fall 2015) Sample Final Exam Section 1: Short‐answer questions (40% weighting) 1. What is a natural monopoly? 2. What is the crucial difference between Stackelberg and Cournot competition? 3. True or false or uncertain; explain. A risk‐averse individual only compares the expected value of two alternatives when deciding between them. 4. True or false or uncertain; explain. In a Bertrand price‐setting model, the difference in marginal costs between the two firms is irrelevant for finding the equilibrium strategies. 5. Distinguish between first‐degree, second‐degree, and third‐degree price discrimination. 6. True or false or uncertain; explain. “Mixed strategies provide solutions to games when pure strategies fail.” 7. Explain what is meant by anchoring. 8. Describe the two components of marginal revenue for a monopolist. 9. Explain the difference between moral hazard and adverse selection (use an example to motivate your answer).
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