To be successful in increasing prices for their

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Question 12 (4 points) To be successful in increasing prices for their product, members of a cartel: Student response: Percent Value Correct Response Student Response Answer Choices 0.0% a. do not talk to one another. 100.0% b. limit output. 0.0% c. encourage entry.
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0.0% d. engage in predatory pricing. Predatory pricing occurs when a firm lowers price to the point at which most or all of its competitors are driven out of business, at which point prices are raised to recover earlier losses. Score:0 / 4 Question 13 (4 points) If government regulators want a natural monopolist to earn only zero economic profit, then they will set price equal to: Student response: Percent Value Correct Response Student Response Answer Choices 0.0% 0.0% 0.0%
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100.0% Score:0 / 4 Question 14 (4 points) The production techniques available to real-world firms are constantly changing because of learning by doing and technological change. Student response: Percent Value Correct Response Student Response Answer Choices 100.0% 0.0% General feedback: Technological change produces new production methods while learning by doing allows firms to refine existing production techniques. Score:4 / 4 Question 15 (4 points) Refer to the graphs below. Which graph depicts a perfectly competitive firm in long-run equilibrium? Student response: Percent Value Correct Response Student Response Answer Choices 0.0% 100.0% 0.0% 0.0% Score:4 / 4 Question 16 (4 points) A simultaneous game is one where: Student response: Percent Value Correct Response Student Response Answer Choices 0.0% a. players act together to achieve a common goal.
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0.0% b. players take turns making moves/decisio ns. 100.0% c. players make their moves/decisio ns at the same time. This is the textbook definition of a sequential game. 0.0% d. there is never a winner if players act rationally. Score:4 / 4 Question 17 (4 points) In a cooperative duopoly, both firms Student response: Percent Value Correct Response Student Response Answer Choices 0.0% 100.0% 0.0% 0.0% Score:0 / 4
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Christopher Reinemann
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