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Econ 1 Third Exam on Competition

Econ 1 Third Exam on Competition - J This is a way to take...

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Econ 1 Third Exam on Competition, Monopoly, etc. (Chs.9. 14. 15. 16)) Indicate the appropriate (econ 1) choice for each of the following: ___ market share ___ free entry and exit ___ natural monopoly ___ price discrimination ___ non-price competition ___ brand name A A situation where a passport is not required for international travel B Interdependence among a firms in an industry will stimulate this sort of thing C A monopoly where no effort is made to disguise its age D For a competitive firm, this can t be very big E What happens when a stubborn flea market vendor refuses to bargain F This is what you get when the more you produce, the cheaper it becomes G This is not important for shoppers seeking generic products H This is often used when your competitor s product is otherwise pretty much the same as yours I What shoppers do when making decisions on very small differences in price J This is a way to take away some consumer surplus
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Unformatted text preview: J This is a way to take away some consumer surplus K The value of a stock sold on the New York Stock Exchange L There s very little of this in oligopoly situations ********************************************************************* Assume that each of the following 3 questions are true: explain briefly; two sentences to three sentences. 1. It s likely that the Santa Cruz Beach and Boardwalk will have more control over its prices than any local coffee shop in town. 2. The possession of a patent on production methods is considered a source of market power. 3. Even though there are a really large number of rock bands in Santa Cruz, this is not a perfectly competitive market structure. ANSWERS D L F J B H 1) fewer options for boardwalk market than coffee shops (although one could argue that Lulu's is super and Starbuck's is weak) 2) it limits other firms from using a particular form of technoloby, and thus may well limit entry into the industry 3) every band does what it can to differentiate its music. ..even though to some econ professors,---iit all sounds the same; LOUD...
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