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2008 MCE Quiz 3-04--Answers

2008 MCE Quiz 3-04--Answers - Managing in Complex...

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Managing in Complex Environments    QUIZ #3          Name:________ Answers ______________________ Spring semester, 2007 Professor Atkin My lecture time is: _____ Score = (Raw*#)+9 AVG = 82.5 Please Note:  I made several wording corrections on the quiz in class. This closed-book, closed-note quiz has 35 3-point questions to be answered on optical scan sheets.  To get a  grade, you must return (a) the quiz, (b) the answer sheet, and (c) the peer evaluation. Good luck! 1. Prices in oligopoly…   B a. are virtually identical over firms since the product is homogenous b. often appear to be collusive c. both of the above d.   none of the above 2. Explicit collusion is most likely to occur in…   B 3. In theory and in practice there are no constraints on the pricing policy of…   D 4. Firms prefer excess rents in all markets in which they participate. B a. true  b. false 5. Tuition at Pitt increases more or less each year, yet the number and quality of applicants generally goes  up.  From this we can conclude…   A 6. Recent data observes that, compared to February 2007, US sales of existing (not brand new) houses in  February 2008 were down by 23.8%.   From this, we can conclude that house prices have most likely 
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