{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Post quiz6 Mod3 Micro 2012

Post quiz6 Mod3 Micro 2012 - Microeconomics Quiz 6 Name...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Microeconomics Quiz 6 Name: Eron Lindsey A_________1. Once a cartel is formed, the market is in effect served by
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
a. a monopoly. b. an oligopoly. c. imperfect competition. d. monopolistic competition. B_________ 2. In a game, a dominant strategy is a. the best strategy for a player to follow only if other players are cooperative. b. the best strategy for a player to follow, regardless of the strategies followed by other players. c. a strategy that must appear in every game. d. a strategy that leads to one player's interests dominating the interests of the other players. Figure 1 . Two companies, ABC and XYZ, each decide whether to produce a high level of output or a low level of output. In the figure, the dollar amounts are payoffs and they represent annual profits for the two companies. ABC's profit = $3 million ABC's profit = $2.5 million ABC's profit = $4 million ABC's profit = $3.5 million XYZ's profit = $3 million XYZ's profit = $4 million XYZ's profit = $2.5 million XYZ's profit = $3.5 million High output Low output High output Low output ABC's Decision XYZ's Decision ___ A_______3 Refer to Figure 1 . The dominant strategy for ABC is to a. produce high output, and the dominant strategy for XYZ is to produce high output.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern