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hw6 - BUAD 351 Economic Analysis for Business Decisions...

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BUAD 351 - Economic Analysis for Business Decisions Homework 6 due: Tue 04/29/2009 PART (i): multiple choice please provide the answers in the following box: question answer 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1. In the Bertrand model with symmetric costs, the Nash Equilibrium occurs when a. both °rms charge the monopoly price and split the monopoly quantity equally between them. b. one °rm drives its rival out of the market, and then sets the monopoly price. c. both °rms set price equal to marginal cost. d. none of the above 2. The Cournot model mine the quantity available for sale. 3. Antitrust laws address two issues 4. A °rm±s best response 5. Firms engage in tacit collusion when a. They predict what the other will do and attempt to undercut them b. They collude without communicating, sustaining a price above the noncooperative price that would arise in a single competitive interaction c. They communicate to reach an agreement about the prices they will charge d. They communicate what type of good they will produce 1
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