Reference no: EM13816940
1. The optimal price for a monopolist facing different demand curves in two separate markets will be
a. higher in the market with more elastic demand
b. higher in the market with less elastic demand
c. the same in both markets
d. equal to marginal cost in each markets
2. Use the following table to answer the question(s) below.
Table: Jan and Jim's Strategies
*refer to table attached
(Table: Jan and Jim's Strategies) Jim and Jan are considering how to spend an evening together. Jim prefers attending a mixed-martial arts match, while Jan prefers the opera. Both derive more utility from spending the evening together than separately. Jim's utility is listed first in each of the cells, then Jan's. What is(are) the Nash equilibrium(s)?
A. opera–opera
B. opera–opera and mixed-martial arts–mixed-martial arts
C. mixed-martial arts–mixed-martial arts
D. mixed-martial arts–opera and opera–mixed-martial arts
3. People sometimes point to similar gas prices at competing gas stations as evidence of collusion when they could just be selling at market price. if this is not good evidence of collusion, what is?
a. the profits of the companies are unusually high in the short run
b. the station owners regularly have morning coffee together
c. there is some kind of punishment for cheating
d. someone thinks they overheard their plans for collusion
4. if the price of output in an industry rises, firms in that industry will ___labor
a. increase their demand for
b. increase their supply of
c. decrease their demand for
d. decrease their supply of
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