Eco Final Quiz

ECO Final Quiz

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20. Factors that affect the ability of oligopolistic firms to successfully engage in cooperation include_________________. (Points : 1.25)
        a) number and size distribution of sellers
        b) size and frequency of orders
        c) product heterogeneity
        d) a and b only
        e) a, b, and c


Question 21. 21. Joint products are: (Points : 1.25)
        a) products which are technically independent in the production process
        b) exemplified by beef and hide from cattle
        c) products whose production processes are interdependent
        d) a and b
        e) b and c


Question 22. 22. In _________ price discrimination, the monopolist charges each consumer the highest price that purchaser is willing to pay for each unit purchased (provided that this price exceeds the marginal cost of production). (Points : 1.25)
        a) first-degree
        b) second-degree


Question 23. 23. ___________ is a new product pricing strategy which results in a high initial product price. This price is reduced over time as demand at the higher price is satisfied. (Points : 1.25)
        a) Prestige pricing
        b) Price lining
        c) Skimming
        d) Incremental pricing
        e) None of the above


Question 24. 24. ____________ is the price at which an intermediate good or service is transferred from the selling to the buying division within the same firm. (Points : 1.25)
        a) Incremental price
        b) Marginal price
        c) Full-cost price
        d) Transfer price
        e) none of the above


Question 25. 25. For a monopolist that engages in price discrimination, when the price elasticity in market 1 is less (in absolute value) than in market 2, the optimal price in market 1 will exceed the optimal price in market 2. (Points : 1.25)
        a) Ture
        b) False


Question 26. 26. To maximize...