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Post quiz6 Mod3 Micro 2012

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

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Microeconomics Quiz 6 Name: Eron Lindsey A_________1. Once a cartel is formed, the market is in effect served by

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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.
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