Exam 15: Managerial Decisions About Information

In the absence of property rights, inventors have _______incentive to invest in innovations and _______incentive to disclose how to use and make their innovations.

A sealed- bid first- price auction _______common in business settings, and participants in this kind of auction______________ observe other participants' bids.

All of the following methods can be used to motivate agents to advance the principal's agenda rather than their own except for which one?

In order for an individual to receive a black belt in karate, they must pass a series of tests designed by a third party. An announcement listing those individuals who received their black belt in karate is an example of _______

The table above lists the independent private values of five participants in an auction. Each of the bidders only knows their o value and does not know the private values of the other participants. -Refer to the table above. Recall that the bidders only know their own private value of the item and they do not know the other participants' private values. Further, assume each participant will submit bids using their optimal strategy. If the participants are bidding in a Dutch auction, Bidder _______wins the auction and pays_______ .

In an auction where values or common or correlated, it is best for firms to participate in auction that have_______bidders and be_______aggressive in their bidding strategy when the true value of the item is highly uncertain.

If a company is associated with a green lizard and the company wants to protect the green lizard symbol, the company would consider the green lizard to be which of the following?

If an item being auctioned has independent private values, the expected revenue is the same for all auction types.

Happy Cows and Free Cows are two separate perfectly competitive dairy farms. The table above shows the respective firms' marginal cost at various production levels. -Refer to the table above. Relative to Free Cows, Happy Cows' marginal cost curve is_______ _, which makes its quantity produced_______ sensitive to changes in demand.

Intellectual property refers to the_______ creations of _______intelligence.

Each time a manager changes the conditions of a sale, they must consider the problem of adverse selection.

If a firm's marginal cost curve is very steep in the short- term, but much flatter in the long- term, all else equal a -_______ term forecast is likely to be more valuable than a _______ term forecast.

If a landlord checks a renter's credit history before renting the apartment, this is an example of_______ .

Each of the following factors determine the value of a forecast except which one?

To qualify for patent protection, an invention must meet all of the following statutory criteria except which one?

Suppose a trademark's owner has successfully proven in court that an infringer has illegally infringed on the trademark. If the infringer has earned $9 million in profit as a result of illegally infringing on the trademark and the trademark's owner has suffered $2 million in damages, the trademark's owner will be awarded_______ .

Happy Cows and Free Cows are two separate perfectly competitive dairy farms. The table above shows the respective firms' marginal cost at various production levels. -Refer to the table above. Relative to Free Cows, the quantity that maximizes the expected profit for Happy Cows is ________ sensitive to demand changes, which makes an accurate forecast_______ valuable to the managers of Happy Cows.

A copyright is a legal grant to the holder of exclusive rights for a(n)period of time for a(n)_______ .

Trade secret law_______ the owner from making any public disclosure about the trade secret and trade secret protection has a(n)_______definition.

If a roofer offers a one- year warranty on their work, this is an example of_______ .