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Exam Marktcontext

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Submitted By addja
Words 2139
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Exam August 2007

1. Which of the following answers is a condition for non-cooperative strategic behavior (chapter 11)?

a) preventing resales b) advantage c) commitment d) both answers b and c are correct

2. Which of the following condition(s) does a governmental institution aim for in correcting market inefficiencies? (chapter 20)

a) Correcting deviations from perfect competition in b) redistribution of incomes c) stimulating the appliance of the following productionrule MO = MK (marginal revenue = marginal cost) d) both answer a. and b. are correct

3. In the long-term companies in monopolistic competition make (chapter 7)

a) Small positive economic profit b) large positive economic profit c) no economic profit d) none of the above

4. In Chapter 12 concerning vertical integration and vertical restrictions several reasons are discussed that justify vertical integration. Which of the following answers is NOT a reason for vertical integration?

a) Internalizing externalities b) lowering transaction costs c) avoiding governmental regulation d) assuring demand for goods

5. A dominant firm is defined as a firm that (chapter 4)

a) Has a large marketshare b) is a price setter and is confronted with small companies that are price takers c) creates a new technological standard in the market d) has market power

6. (With reference to chapter 3) Consider the following two statements about the horizontal portion of the short-run market supply in perfect competition:

I. the horizontal portion of the short-run market supply curve in perfect competition reflects that no output is forthcoming if price is below the shutdown point

II. the horizontal portion of the short-run market supply curve in perfect competition reflects that at a price just above

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