Econ_002_Exam___3_1_-1

Econ_002_Exam___3_1_-1 - Econ 002 Exam 3 Student 1 The...

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Econ 002 Exam # 3 Student: ___________________________________________________________________________ 1. The three elements of a game are A. the firm, the consumers and the profit B. the players, the strategies and the payoffs C. the model, the graph and the costs D. the costs, the revenue and the profit E. the industry, the firms and the demand 2. Game theory is not useful in understanding perfect competition because A. by assumption, the firms are so small as to be unable to influence price and thus are not interdependent. B. perfectly competitive firms are honest. C. the players can't be identified. D. the payoffs to their choices are unknown. E. their strategies can't be discerned. 3. The category of games in which playing the dominant strategies leads to a less desirable equilibrium than playing the dominated strategies is refer to as 4. The distinguishing feature of a cartel is 1
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5. Cigarette manufacturers once relied heavily on TV advertising. According to the textbook, when the government banned TV ads, the cigarette manufacturers 6. The essential characteristic of a credible threat is A. that the threatener has a reputation for carrying out threats. B. that the threatener ignores the costs of carrying out the threat. C. that the threatener and the threatenee know each other well. D. that it is in the threatener's self interest to act on the threat. E. that it is legally enforceable. 7. A monopolistically competitive firm
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