College Exam 3 Review

Front

If the marginal cost is $4, what should the single price point be if this business was only charging one price?

Back

$8

Front

If the marginal cost is $4, and we price discriminated based on senior citizen vs non-senior citizen, how much would we charge for each?

Back

$8 for seniors, $10 for non-seniors

Front

Based on the graph, does the utility of apples and oranges increase, decrease or stay the same?

Back

Increase

Front

Given the chart, what is the dominant strategy for Country A and B?

Back

Both go low

Front

Given the chart, what is the Nash Equilibrium for Country A and B?

Back

Both go low

Front

Given the decision tree shown, which choice should Player 1 make?

Back

Go Low

Front

Phil goes to the store. He sees that if he buys 12 rolls of paper towels, he pays $1 per roll. However, if he buys 24 rolls, he will pay $.75 per roll. This is an example of:

Back

2nd Degree Price Discrimination

Front

A perfectly horizontal demand curve would be related to which of the following markets? Monopolistically Competitive, Perfectly Competitive, Oligopoly, Monopoly

Back

Perfectly Competitive

Front

Price taker, does not advertise, and cannot earn economic profits in the long run are all traits of which market structure?

Back

Perfect Competition

Front

Given the information in the chart, what is the total cost for producing the 9th case?

Back

$225