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HOMEWORK ECO 550 Final Exam Set 4 |
Product Description 1). In the absence of any legally binding enforcement mechanism, individual cartel producers may find it advantageous to cheat on the agreements and engage in secret price concessions. A.true B.false 2). When a promisor fails to put full effort into the performance of an agreement, yet the lack of effort is not independently verifiable, this lack of effort constitutes a A.breach of contractual obligations B.denial of good guarantee C.loss of reputation D.moral hazard 3). The Herfindahl-Hirschman index is a measure of ____. A.market concentration B.income distribution C.technological progressiveness D.price discrimination E.none of the above 4). In long-run equilibrium, all firms in a pure competition market situation operating under a condition of certainty will have identical costs even though they may use different production and operation techniques. A.true B.false 5). The distinctive characteristic of an oligopolistic market structure is that there are recognizable interdependencies among the decisions of the firms. A.true B.false 6). The Sherman Act prohibits: A.contracts in restraint of commerce B.monopolization of an industry C.price discrimination D.a and b E.a, b, and c 7). Buying electricity off the freewheeling grid at one quarter 'til the hour for delivery on the hour illustrates: A.relational contracts with distributors B.vertical requirements contracts C.spot market transactions D.variable price agreements 8). Effective collusion generally is more difficult as the number of oligopolistic firms involved increases. A.true B.false 9). In pure competition: A.the optimal price-output solution occurs at the point where marginal revenue is equal to price B.a firm's demand curve is represented by a horizontal line C.a firm is a price-taker since the products of every producer are perfect substitutes for the products of every other producer D.a and b only E.a, b, and c 10). An oligopoly is characterized by: A.a relatively small number of firms B.either differentiated or undifferentiated products C.actions of any individual firm will affect sales of other firms in the industry |
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