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Deck 19: Oligopoly
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Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is Alice's marginal revenue function?
A)
B)
C)
D)
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is Alice's marginal revenue function?A)
B)
C)
D)
Question
Question
Question
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.How much profit does each producer earn in the Nash equilibrium?
A) $13,340
B) $0
C) $8893.31
D) $5,336
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.How much profit does each producer earn in the Nash equilibrium?A) $13,340
B) $0
C) $8893.31
D) $5,336
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.Find Alice's best response function.
A)
B)
C)
D)
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.Find Alice's best response function.A)
B)
C)
D)
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is Alice's inverse residual demand function?
A)
, Where the term in parentheses is constant
B)
, Where the term in parentheses is constant
C)
, Where the term in parentheses is constant
D)
, Where the term in parentheses is constant
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is Alice's inverse residual demand function?A)
, Where the term in parentheses is constantB)
, Where the term in parentheses is constantC)
, Where the term in parentheses is constantD)
, Where the term in parentheses is constant Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.If Alice produces 5,000 cubic yards per year,what is Kate's inverse demand function?
A)
B)
C)
D)
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.If Alice produces 5,000 cubic yards per year,what is Kate's inverse demand function?A)
B)
C)
D)
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is Kate's marginal revenue function?
A)
B)
C)
D)
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is Kate's marginal revenue function?A)
B)
C)
D)
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is Kate's inverse residual demand function?
A)
, Where the term in parentheses is constant
B)
, Where the term in parentheses is constant
C)
, Where the term in parentheses is constant
D)
, Where the term in parentheses is constant
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is Kate's inverse residual demand function?A)
, Where the term in parentheses is constantB)
, Where the term in parentheses is constantC)
, Where the term in parentheses is constantD)
, Where the term in parentheses is constant Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.Find Kate's best response function.
A)
B)
C)
D)
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.Find Kate's best response function.A)
B)
C)
D)
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is total output in the Nash equilibrium?
A) 4,000
B) 2,666.66
C) 1,600
D) 8,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is total output in the Nash equilibrium?A) 4,000
B) 2,666.66
C) 1,600
D) 8,000
Question
Question
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.How much does Kate produce in the Nash equilibrium?
A) 2,000
B) 1,333.33
C) 800
D) 4,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.How much does Kate produce in the Nash equilibrium?A) 2,000
B) 1,333.33
C) 800
D) 4,000
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.How much does Alice produce in the Nash equilibrium?
A) 2,000
B) 1,333.33
C) 800
D) 4,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.How much does Alice produce in the Nash equilibrium?A) 2,000
B) 1,333.33
C) 800
D) 4,000
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is the market price in the Nash equilibrium?
A) $80
B) $86.67
C) $100
D) $93.34
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is the market price in the Nash equilibrium?A) $80
B) $86.67
C) $100
D) $93.34
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.If Kate produces 10,000 cubic yards per year,what is Alice's inverse demand function?
A)
B)
C)
D)
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.If Kate produces 10,000 cubic yards per year,what is Alice's inverse demand function?A)
B)
C)
D)
Question
Suppose the daily demand for Coke and Pepsi in a small city are given by 
and 
where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.If PC = $0.60,what is Pepsi's demand function?
A)
B)
C)
D)
and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.If PC = $0.60,what is Pepsi's demand function?A)
B)
C)
D)
Question
Suppose the daily demand for Coke and Pepsi in a small city are given by 
and 
where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.If PP = $0.75,what is Coke's demand function?
A)
B)
C)
D)
and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.If PP = $0.75,what is Coke's demand function?A)
B)
C)
D)
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is the difference in the deadweight loss compared to a monopoly in this market?
A) $666.66
B) $2,000
C) $5,553.31
D) $10,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is the difference in the deadweight loss compared to a monopoly in this market?A) $666.66
B) $2,000
C) $5,553.31
D) $10,000
Question
Question
Suppose the daily demand for Coke and Pepsi in a small city are given by 
and 
where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is Coke's best response function?
A)
B)
C)
D)
and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is Coke's best response function?A)
B)
C)
D)
Question
Suppose the daily demand for Coke and Pepsi in a small city are given by 
and 
where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is the Nash equilibrium price for Pepsi?
A) $.016
B) $0.45
C) $0.53
D) $0.38
and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is the Nash equilibrium price for Pepsi?A) $.016
B) $0.45
C) $0.53
D) $0.38
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.How much more profit does a monopolist earn compared to the joint profit each producer earns in the Nash equilibrium?
A) $2,213.38
B) $0
C) $11,106.69
D) $2,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.How much more profit does a monopolist earn compared to the joint profit each producer earns in the Nash equilibrium?A) $2,213.38
B) $0
C) $11,106.69
D) $2,000
Question
Question
Suppose the daily demand for Coke and Pepsi in a small city are given by 
and 
where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is Pepsi's best response function?
A)
B)
C)
D)
and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is Pepsi's best response function?A)
B)
C)
D)
Question
Suppose the daily demand for Coke and Pepsi in a small city are given by 
and 
where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is Pepsi's inverse demand function?
A)
B)
C)
D)
and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is Pepsi's inverse demand function?A)
B)
C)
D)
Question
Question
Question
Suppose the daily demand for Coke and Pepsi in a small city are given by 
and 
where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is Coke's inverse demand function?
A)
B)
C)
D)
and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is Coke's inverse demand function?A)
B)
C)
D)
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is the amount of the deadweight loss?
A) $8,893.38
B) $6.67
C) $1,333,33
D) $4,446.69
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is the amount of the deadweight loss?A) $8,893.38
B) $6.67
C) $1,333,33
D) $4,446.69
Question
Suppose the daily demand for Coke and Pepsi in a small city are given by 
and 
where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is the Nash equilibrium price for Coke?
A) $.016
B) $0.45
C) $0.53
D) $0.38
and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is the Nash equilibrium price for Coke?A) $.016
B) $0.45
C) $0.53
D) $0.38
Question
Question
Question
Question
Question
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is the difference in Kate's profit when she enters the market first compared to when Kate and Alice choose their outputs simultaneously?
A) $11,106.69
B) $5,000
C) $1106.69
D) -$3893.31
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is the difference in Kate's profit when she enters the market first compared to when Kate and Alice choose their outputs simultaneously?A) $11,106.69
B) $5,000
C) $1106.69
D) -$3893.31
Question
Question
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is Alice's profit maximizing output?
A) 2,000
B) 1,333.34
C) 1,000
D) 4,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is Alice's profit maximizing output?A) 2,000
B) 1,333.34
C) 1,000
D) 4,000
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is Kate's profit maximizing output?
A) 2,000
B) 1,333.34
C) 1,000
D) 4,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is Kate's profit maximizing output?A) 2,000
B) 1,333.34
C) 1,000
D) 4,000
Question
Question
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is Kate's profit?
A) $10,000
B) $5,000
C) $20,000
D) $15,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is Kate's profit?A) $10,000
B) $5,000
C) $20,000
D) $15,000
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is Alice's profit?
A) $10,000
B) $5,000
C) $20,000
D) $15,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is Alice's profit?A) $10,000
B) $5,000
C) $20,000
D) $15,000
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is the difference in Alice's profit when Kate enters the market first,compared to when they simultaneously select their outputs?
A) $11,106.69
B) $5,000
C) $1106.69
D) -$3893.31
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is the difference in Alice's profit when Kate enters the market first,compared to when they simultaneously select their outputs?A) $11,106.69
B) $5,000
C) $1106.69
D) -$3893.31
Question
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is 
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.Given market demand,what is the market price per cubic yard?
A) $80
B) $85
C) $90
D) $95
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.Given market demand,what is the market price per cubic yard?A) $80
B) $85
C) $90
D) $95
Question
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Deck 19: Oligopoly
1
A firm's best response
A) Is a firm's most instant choice given the actions of its rivals
B) Is selected by one firm in a Nash equilibrium
C) Is always the option with the highest price for each firm
D) Is a firm's most profitable choice given the actions of its rivals
A) Is a firm's most instant choice given the actions of its rivals
B) Is selected by one firm in a Nash equilibrium
C) Is always the option with the highest price for each firm
D) Is a firm's most profitable choice given the actions of its rivals
Is a firm's most profitable choice given the actions of its rivals
2
At the Nash equilibrium of an oligopoly market
A) Only one firm is able to earn profits
B) Each firm is making a profit-maximizing choice, regardless of the choices of its rivals
C) Each firm is making a profit-maximizing choice given the choices of its rivals
D) Each firm produces the same quantity
A) Only one firm is able to earn profits
B) Each firm is making a profit-maximizing choice, regardless of the choices of its rivals
C) Each firm is making a profit-maximizing choice given the choices of its rivals
D) Each firm produces the same quantity
Each firm is making a profit-maximizing choice given the choices of its rivals
3
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is Alice's marginal revenue function?
A)
B)
C)
D)
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is Alice's marginal revenue function?A)
B)
C)
D)
4
A market with two sellers is called a
A) Monopoly
B) Perfectly competitive market
C) Duopoly
D) Triopoly
A) Monopoly
B) Perfectly competitive market
C) Duopoly
D) Triopoly
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5
A residual demand curve
A) Shoes the relationship between the market price and the quantity demanded by consumers at each price
B) Shows the relationship between a firm's output and the market price given the prices charged by the firm's rivals
C) Shows the relationship between a firm's output and the market price given the outputs of the firm's rivals
D) Shows the remaining demand for a good after a firm's rivals have sold their output
A) Shoes the relationship between the market price and the quantity demanded by consumers at each price
B) Shows the relationship between a firm's output and the market price given the prices charged by the firm's rivals
C) Shows the relationship between a firm's output and the market price given the outputs of the firm's rivals
D) Shows the remaining demand for a good after a firm's rivals have sold their output
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6
The Cournot model of oligopoly
A) Firms produce differentiated products and set their prices simultaneously
B) Firms produce homogenous products and set their prices simultaneously
C) Firms choose how much to produce simultaneously and the price clears the market given the total quantity produced
D) Firms choose how much to produce and the price to charge simultaneously
A) Firms produce differentiated products and set their prices simultaneously
B) Firms produce homogenous products and set their prices simultaneously
C) Firms choose how much to produce simultaneously and the price clears the market given the total quantity produced
D) Firms choose how much to produce and the price to charge simultaneously
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7
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.How much profit does each producer earn in the Nash equilibrium?
A) $13,340
B) $0
C) $8893.31
D) $5,336
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.How much profit does each producer earn in the Nash equilibrium?A) $13,340
B) $0
C) $8893.31
D) $5,336
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8
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.Find Alice's best response function.
A)
B)
C)
D)
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.Find Alice's best response function.A)
B)
C)
D)
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9
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is Alice's inverse residual demand function?
A)
, Where the term in parentheses is constant
B)
, Where the term in parentheses is constant
C)
, Where the term in parentheses is constant
D)
, Where the term in parentheses is constant
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is Alice's inverse residual demand function?A)
, Where the term in parentheses is constantB)
, Where the term in parentheses is constantC)
, Where the term in parentheses is constantD)
, Where the term in parentheses is constant Unlock Deck
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10
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.If Alice produces 5,000 cubic yards per year,what is Kate's inverse demand function?
A)
B)
C)
D)
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.If Alice produces 5,000 cubic yards per year,what is Kate's inverse demand function?A)
B)
C)
D)
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11
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is Kate's marginal revenue function?
A)
B)
C)
D)
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is Kate's marginal revenue function?A)
B)
C)
D)
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12
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is Kate's inverse residual demand function?
A)
, Where the term in parentheses is constant
B)
, Where the term in parentheses is constant
C)
, Where the term in parentheses is constant
D)
, Where the term in parentheses is constant
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is Kate's inverse residual demand function?A)
, Where the term in parentheses is constantB)
, Where the term in parentheses is constantC)
, Where the term in parentheses is constantD)
, Where the term in parentheses is constant Unlock Deck
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13
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.Find Kate's best response function.
A)
B)
C)
D)
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.Find Kate's best response function.A)
B)
C)
D)
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14
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is total output in the Nash equilibrium?
A) 4,000
B) 2,666.66
C) 1,600
D) 8,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is total output in the Nash equilibrium?A) 4,000
B) 2,666.66
C) 1,600
D) 8,000
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15
In a market for homogenous goods
A) Firms sell identical products
B) Firms sell different products
C) Firms sell identical products for identical prices
D) Firms sell different goods for identical prices
A) Firms sell identical products
B) Firms sell different products
C) Firms sell identical products for identical prices
D) Firms sell different goods for identical prices
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16
In a Bertrand model of oligopoly
A) Firms produce differentiated products and set their prices simultaneously
B) Firms produce homogenous products and set their prices simultaneously
C) Firms choose how much to produce simultaneously and the price clears the market given the total quantity produced
D) Firms choose how much to produce and the price to charge simultaneously
A) Firms produce differentiated products and set their prices simultaneously
B) Firms produce homogenous products and set their prices simultaneously
C) Firms choose how much to produce simultaneously and the price clears the market given the total quantity produced
D) Firms choose how much to produce and the price to charge simultaneously
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17
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.How much does Kate produce in the Nash equilibrium?
A) 2,000
B) 1,333.33
C) 800
D) 4,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.How much does Kate produce in the Nash equilibrium?A) 2,000
B) 1,333.33
C) 800
D) 4,000
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18
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.How much does Alice produce in the Nash equilibrium?
A) 2,000
B) 1,333.33
C) 800
D) 4,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.How much does Alice produce in the Nash equilibrium?A) 2,000
B) 1,333.33
C) 800
D) 4,000
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19
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is the market price in the Nash equilibrium?
A) $80
B) $86.67
C) $100
D) $93.34
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is the market price in the Nash equilibrium?A) $80
B) $86.67
C) $100
D) $93.34
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20
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.If Kate produces 10,000 cubic yards per year,what is Alice's inverse demand function?
A)
B)
C)
D)
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.If Kate produces 10,000 cubic yards per year,what is Alice's inverse demand function?A)
B)
C)
D)
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21
Suppose the daily demand for Coke and Pepsi in a small city are given by and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.If PC = $0.60,what is Pepsi's demand function?
A)
B)
C)
D)
and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.If PC = $0.60,what is Pepsi's demand function?A)
B)
C)
D)
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22
Suppose the daily demand for Coke and Pepsi in a small city are given by and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.If PP = $0.75,what is Coke's demand function?
A)
B)
C)
D)
and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.If PP = $0.75,what is Coke's demand function?A)
B)
C)
D)
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23
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is the difference in the deadweight loss compared to a monopoly in this market?
A) $666.66
B) $2,000
C) $5,553.31
D) $10,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is the difference in the deadweight loss compared to a monopoly in this market?A) $666.66
B) $2,000
C) $5,553.31
D) $10,000
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24
In the infinitely repeated Bertrand model
A) Firms play the Bertrand pricing game over and over, with no definite end
B) Firms play the Bertrand pricing game one time
C) Firms play the Bertrand pricing game several times, with a clearly defined endpoint
D) Firms play the Bertrand pricing game at least two times, but no more than four
A) Firms play the Bertrand pricing game over and over, with no definite end
B) Firms play the Bertrand pricing game one time
C) Firms play the Bertrand pricing game several times, with a clearly defined endpoint
D) Firms play the Bertrand pricing game at least two times, but no more than four
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25
Suppose the daily demand for Coke and Pepsi in a small city are given by and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is Coke's best response function?
A)
B)
C)
D)
and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is Coke's best response function?A)
B)
C)
D)
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26
Suppose the daily demand for Coke and Pepsi in a small city are given by and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is the Nash equilibrium price for Pepsi?
A) $.016
B) $0.45
C) $0.53
D) $0.38
and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is the Nash equilibrium price for Pepsi?A) $.016
B) $0.45
C) $0.53
D) $0.38
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27
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.How much more profit does a monopolist earn compared to the joint profit each producer earns in the Nash equilibrium?
A) $2,213.38
B) $0
C) $11,106.69
D) $2,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.How much more profit does a monopolist earn compared to the joint profit each producer earns in the Nash equilibrium?A) $2,213.38
B) $0
C) $11,106.69
D) $2,000
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28
As products become less differentiated
A) Consumers are less willing to switch in response to price changes
B) Consumers are not willing to switch in response to price changes
C) Competition becomes less intense
D) Consumers are more willing to switch in response to price changes
A) Consumers are less willing to switch in response to price changes
B) Consumers are not willing to switch in response to price changes
C) Competition becomes less intense
D) Consumers are more willing to switch in response to price changes
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29
Suppose the daily demand for Coke and Pepsi in a small city are given by and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is Pepsi's best response function?
A)
B)
C)
D)
and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is Pepsi's best response function?A)
B)
C)
D)
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30
Suppose the daily demand for Coke and Pepsi in a small city are given by and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is Pepsi's inverse demand function?
A)
B)
C)
D)
and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is Pepsi's inverse demand function?A)
B)
C)
D)
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31
When consumers do not view similar products as perfect substitutes,those products are called
A) Homogenous
B) Complements
C) Differentiated
D) Normal
A) Homogenous
B) Complements
C) Differentiated
D) Normal
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32
As products become less differentiated
A) Consumers are less willing to switch in response to price changes
B) Consumers are more willing to switch in response to price changes
C) Competition becomes less intense
D) Consumers are not willing to switch in response to price changes
A) Consumers are less willing to switch in response to price changes
B) Consumers are more willing to switch in response to price changes
C) Competition becomes less intense
D) Consumers are not willing to switch in response to price changes
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33
Suppose the daily demand for Coke and Pepsi in a small city are given by and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is Coke's inverse demand function?
A)
B)
C)
D)
and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is Coke's inverse demand function?A)
B)
C)
D)
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34
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is the amount of the deadweight loss?
A) $8,893.38
B) $6.67
C) $1,333,33
D) $4,446.69
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.The Cournot model describes the competition in this market.What is the amount of the deadweight loss?A) $8,893.38
B) $6.67
C) $1,333,33
D) $4,446.69
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35
Suppose the daily demand for Coke and Pepsi in a small city are given by and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is the Nash equilibrium price for Coke?
A) $.016
B) $0.45
C) $0.53
D) $0.38
and where QC and QP are the number of cans Coke and Pepsi sell,respectively,in thousands per day.PC and PP are the prices of a can of Coke and Pepsi,respectively,measured in dollars.The marginal cost is $0.45 per can.What is the Nash equilibrium price for Coke?A) $.016
B) $0.45
C) $0.53
D) $0.38
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36
In an oligopolistic market
A) The more elastic the demand, the greater the markup
B) The larger the number of firms, the greater the markup
C) The less elastic the demand, the greater the markup
D) B and C
A) The more elastic the demand, the greater the markup
B) The larger the number of firms, the greater the markup
C) The less elastic the demand, the greater the markup
D) B and C
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37
In a setting of repeated competition
A) The cooperative outcome is the repetition in each period of the Nash equilibrium outcome that would arise were the firms to compete just once
B) The noncooperative outcome is the repetition in each period of the Nash equilibrium outcome that would arise were the firms to compete just once
C) The noncooperative outcome is the Nash equilibrium that arises only after firms compete many times
D) The cooperative outcome is the Nash equilibrium that arises after firms compete many times
A) The cooperative outcome is the repetition in each period of the Nash equilibrium outcome that would arise were the firms to compete just once
B) The noncooperative outcome is the repetition in each period of the Nash equilibrium outcome that would arise were the firms to compete just once
C) The noncooperative outcome is the Nash equilibrium that arises only after firms compete many times
D) The cooperative outcome is the Nash equilibrium that arises after firms compete many times
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38
In an oligopolistic market,
A) The less elastic the demand, the greater the markup
B) The larger the number of firms, the greater the markup
C) The fewer the number of firms, the greater the markup
D) A and C
A) The less elastic the demand, the greater the markup
B) The larger the number of firms, the greater the markup
C) The fewer the number of firms, the greater the markup
D) A and C
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39
Firms engage in tacit collusion when
A) They predict what the other will do and attempt to undercut them
B) They collude without communicating, sustaining a price above the noncooperative price that would arise in a single competitive interaction
C) They communicate to reach an agreement about the prices they will charge
D) They communicate what type of good they will produce
A) They predict what the other will do and attempt to undercut them
B) They collude without communicating, sustaining a price above the noncooperative price that would arise in a single competitive interaction
C) They communicate to reach an agreement about the prices they will charge
D) They communicate what type of good they will produce
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40
Firms engage in explicit collusion when
A) They predict what the other will do and attempt to undercut them
B) They collude without communicating, sustaining a price above the noncooperative price that would arise in a single competitive interaction
C) They communicate to reach an agreement about the prices they will charge
D) They communicate what type of good they will produce
A) They predict what the other will do and attempt to undercut them
B) They collude without communicating, sustaining a price above the noncooperative price that would arise in a single competitive interaction
C) They communicate to reach an agreement about the prices they will charge
D) They communicate what type of good they will produce
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41
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is the difference in Kate's profit when she enters the market first compared to when Kate and Alice choose their outputs simultaneously?
A) $11,106.69
B) $5,000
C) $1106.69
D) -$3893.31
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is the difference in Kate's profit when she enters the market first compared to when Kate and Alice choose their outputs simultaneously?A) $11,106.69
B) $5,000
C) $1106.69
D) -$3893.31
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42
Business stealing arises when
A) Some of a new entrant's sales are due to new buyers in the market
B) Some of a new entrant's sales are due to stolen ideas
C) Some a new entrant's sales come at the expense of existing firms, whose sales contract after the new firm enters the market
D) A and B
A) Some of a new entrant's sales are due to new buyers in the market
B) Some of a new entrant's sales are due to stolen ideas
C) Some a new entrant's sales come at the expense of existing firms, whose sales contract after the new firm enters the market
D) A and B
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43
Define the Bertrand model and its assumptions.Explain why the model predicts the perfectly competitive outcome despite the number of sellers.Discuss the limitations of the model.
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44
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is Alice's profit maximizing output?
A) 2,000
B) 1,333.34
C) 1,000
D) 4,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is Alice's profit maximizing output?A) 2,000
B) 1,333.34
C) 1,000
D) 4,000
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45
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is Kate's profit maximizing output?
A) 2,000
B) 1,333.34
C) 1,000
D) 4,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is Kate's profit maximizing output?A) 2,000
B) 1,333.34
C) 1,000
D) 4,000
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46
Monopolistic competition occurs in a market with free entry
A) When there are only a few firms, each producing a unique product, prices above marginal cost and earns zero profit net of fixed costs
B) When there is a large number of firms, each producing an identical product, prices above marginal cost and earns zero profit net of its fixed costs
C) When there is a large number of firms, each of which produces a unique product, prices above marginal cost and earns zero profit net of its fixed costs
D) When there is a large number of firms, each of which produces a unique product, prices above marginal cost and earns a positive profit net of its fixed costs
A) When there are only a few firms, each producing a unique product, prices above marginal cost and earns zero profit net of fixed costs
B) When there is a large number of firms, each producing an identical product, prices above marginal cost and earns zero profit net of its fixed costs
C) When there is a large number of firms, each of which produces a unique product, prices above marginal cost and earns zero profit net of its fixed costs
D) When there is a large number of firms, each of which produces a unique product, prices above marginal cost and earns a positive profit net of its fixed costs
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47
Compare and contrast the Bertrand and Cournot models of oligopoly.Your discussion should include assumptions made,goals of the firms and the resulting outcomes.
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48
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is Kate's profit?
A) $10,000
B) $5,000
C) $20,000
D) $15,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is Kate's profit?A) $10,000
B) $5,000
C) $20,000
D) $15,000
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49
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is Alice's profit?
A) $10,000
B) $5,000
C) $20,000
D) $15,000
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is Alice's profit?A) $10,000
B) $5,000
C) $20,000
D) $15,000
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50
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is the difference in Alice's profit when Kate enters the market first,compared to when they simultaneously select their outputs?
A) $11,106.69
B) $5,000
C) $1106.69
D) -$3893.31
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.What is the difference in Alice's profit when Kate enters the market first,compared to when they simultaneously select their outputs?A) $11,106.69
B) $5,000
C) $1106.69
D) -$3893.31
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51
Kate and Alice are small-town ready-mix concrete duopolists.The market demand function is where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.Given market demand,what is the market price per cubic yard?
A) $80
B) $85
C) $90
D) $95
where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year.Marginal cost is $80 per cubic yard.Suppose Kate enters the market first and chooses her output before Alice.Given market demand,what is the market price per cubic yard?A) $80
B) $85
C) $90
D) $95
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52
A strategic precommitment occurs when a firm
A) Commits to some actions before rivals take theirs, with the aim of increasing its future competitive profit
B) Commits to some actions after rivals take theirs, with the aim of increasing its future competitive profit
C) Commits to some actions before rivals take theirs purely by accident
D) Commits to some actions after rivals take theirs because there are no other options
A) Commits to some actions before rivals take theirs, with the aim of increasing its future competitive profit
B) Commits to some actions after rivals take theirs, with the aim of increasing its future competitive profit
C) Commits to some actions before rivals take theirs purely by accident
D) Commits to some actions after rivals take theirs because there are no other options
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Unlock for access to all 52 flashcards in this deck.
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Unlock Deck
Unlock for access to all 52 flashcards in this deck.
