MARKET STRUCTURE 3

MARKET STRUCTURE 3

1st - 3rd Grade

15 Qs

quiz-placeholder

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MARKET STRUCTURE 3

MARKET STRUCTURE 3

Assessment

Quiz

Business, Other

1st - 3rd Grade

Practice Problem

Hard

Created by

Jamie Thorns

Used 9+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Predatory pricing can be defined as......

pricing below AVC to remove competitors within the market

pricing below AVC to deter new entrants to the market

pricing between profit max and normal profit

pricing at normal profit to flood the market with your product

pricing at mr=mc

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Limit pricing can be defined as..........

pricing below AVC to get rid of existing competitors

pricing at normal profit

pricing between profit max and normal profit to deter new entrants

pricing at mr=0

pricing at mc=mr

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Advertising could be described as what type of cost?

variable

semi-variable

marginal

sunk

opportunity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

nash equilibrium occurs at the outcome where there is......

no tendency to change

tendency to change

maximum joint profits

maximum individual profits

none of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In game theory firms have an incentive to collude so that they can......

maximise normal profits

maximise revenue

maximise profits

maximise joint or combined profits

maximise output

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

tacit collusion involves...........

a formal agreement

a formal handshake

a formal nose rub

no formal or verbal agreement

none of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A dominant monopoly is where.............

one firm controls at least 25% market share

one firm controls at least 40% market share

only 1 supplier in the market

low market concentration

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