201-tutorial-11 - Econ 201 Tutorial #11 Date: Week of Apr....

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Econ 201 Tutorial #11 Date: Week of Apr. 2 – 8 Coverage: Chapter 11 Imperfect Competition Chapter 15 International Trade + General Questions from Students I. Multiple Choice Questions: 1. All of the following statements are incorrect except: A) A monopolist is a price taker. B) Firms in a monopolistic competitive market have no control over the market price of their product. C) Sometimes it is difficult to distinguish between firms that are monopolistically competitive and those that are oligopolistic. D) In a monopoly market structure, there are few barriers to new firms entering the market. 2. Which of the following is not a requirement of a game? A) Players. B) Payoffs. C) Dominant strategies. D) Knowledge of the payoffs. 3. Which of the following situations does not involve game theory? A) Buying a pair of pants at the Gap. B) Government deciding to spend more on nuclear weapons. C) A married couple discussing work and family choices. D) A student considering cheating on this exam. 4. All of the following statements are correct except: A) International trade brings higher living standards by permitting greater specialization. B)
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This note was uploaded on 02/09/2012 for the course ECON 201 taught by Professor Curtis during the Spring '09 term at Concordia Canada.

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201-tutorial-11 - Econ 201 Tutorial #11 Date: Week of Apr....

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