be 301 - Assignment Essays

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The wages for Nike workers increases. At the same time, we see the price for Adidas shoes increase. How does this affect the market for Nike shoes?
A.) The demand curve will shift to the left; the supply curve will shift to the left
B.) The demand curve will shift to the left; the supply curve will shift to the right
C.) The demand curve will shift to the right; the supply curve will shift to the left
d.) The demand curve will shift to the right; the supply curve will shift to the right

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In a market where the equilibrium price is $7, any price higher than $7 would cause
A.) a balanced demand and supply
B.) an excess supply
C.) an excess demand
D.) none of the above

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Holding other factors constant, if bad weather destroys the annual crop for carrots, it causes the supply curve for carrots to
A.) Shift to the left, causing the prices of carrots to rise
B.) Shift to the left, causing the prices of carrots to fall
C.) Stay the same
D.) The supply curve does not shift. Only the demand curve shifts.

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Excess demand of a product exerts __________pressure on prices
A.) Zero
B.) No
C.) Upward
D.) Downward

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A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5. Eleven sellers are also willing to sell at the same prices. If the market maker wants to make three transactions, what should he ask (the buyers)
A.) $12
B.) $13
C.) $14
D.) $15

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The change in quantity demanded derived from a change in price is
A.) the movement along a demand curve
B.) the movement along a supply curve
C.) a shift in the demand curve
D.) a shift in the supply curve

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You would expect that your firm is experiencing increasing returns to scale if
A.) Long run average costs increase with output
B.) Long run average costs decrease with output
C.) Long run average costs are constant with respect to output
D.) None of the above

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The ability to lower the average costs of production as the quantity produced increases is called
A.) Economies of scale
B.) Economies of scope
C.) Diseconomies of scale
D.) Diseconomies of scope

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When a firm is experiencing decreasing marginal costs, it implies
A.) marginal productivity is decreasing
B.) workers are getting more unproductive
C.) a constant marginal productivity
D.) increasing marginal productivity

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Farmers rotate their crops between corn and soybean to increase crop yields. This behavior exhibits
A.) Economies of scale
Correct! Economies of scope
Diseconomies of scale
Diseconomies of scope

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Which of the following could potentially capture the value created in a market
A.) Suppliers
B.) Industry rivals
C.) Buyers
D.) All of the above

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Having a competitive advantage emanates from
A.) Decreased pricing power
B.) Lower costs
C.) One or both of the above
D.) None of the above

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A sudden fall in the market demand in a competitive industry leads to
A.) A short run market equilibrium price lower than the original equilibrium
B.) A market equilibrium price lower than the short run price
C.) New firms entering the market
D.) All of the above

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Competitive firms can earn positive profits in the
A.) Long run only
B.) Long run and the short run
C.) Short run only
D.) All of the above

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Assumptions that underlie the Resource-based View include
A.) Resource heterogeneity
B.) Resource immobility
C.) Barriers to entry
D.) Both a and b

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To stay one step ahead of the forces of competition, a firm can adopt any one of these strategies except
A.) Cost reduction
B.) Product differentiation
C.) Operating where marginal benefits equal marginal costs
D.) Develop non-fungible valuable resources

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More buyer power means
A.) Buyers would find it easier to capture the value created
B.) Buyers would find it more difficult to capture the value created
C.) Buyers would not be able to capture any value created
D.) None of the above

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Which of the following makes a firm's resources hard to imitate?
A.) They flow from the firm's unique history
B.) The link between resources and advantages is difficult to discern
C.) Resources emanate from a socially complex organizational structure
D.) All of the above

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If a firm in a perfectly competitive industry is experiencing higher than normal returns,
A.) Some firms will leave the industry and price will rise
B.) Some firms will enter the industry and price will rise
C.) Some firms will leave the industry and price will fall
D.) Some firms will enter the industry and price will fall

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In equilibrium the typical investor __________
A.) prefers high risk assets to low risk assets
B.) prefers low risk assets to high risk assets
C.) is indifferent between buying low and high risk assets
D.) does not stay in the market

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Which of the following is FALSE?
A.) To reduce cannibalization among products, make the products more homogenous
B.) After acquiring a substitute product, raise prices on both the products
C.) After acquiring a complementary product, lower prices on both the products
D.) All of the above

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If an ice-cream manufacturer acquires a frozen yogurt producer, you would likely see
A.) Lower prices for both the ice cream and the frozen yogurt
B.) Higher prices for both the ice cream and the frozen yogurt
C.) Higher prices for ice cream, but lower prices for frozen yogurt
D.) Higher prices for frozen yogurt but lower prices for ice cream

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For jointly owned substitute products, cannibalization leads to MR______MC
A.) Being higher than
B.) Being lower than
C.) Equaling
D.) None of the above

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You own two different energy drink brands: "Blue Cow" and "600 minute energy." If you reduce the price on "Blue Cow", sales of "600 minute energy" would
A.) Increase
B.) Decrease
C.) Not change
D.) None of the above

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Which of the following is TRUE?
A._ To reduce cannibalization among products, reposition a product so that it does not directly compete with the other
B.) After acquiring a substitute product, lower prices on both the products
C.) After acquiring a complementary product, raise prices on both the products
D.) None of the above

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Relative to simple pricing, price discrimination leads to
A.) Consumer surplus being converted to producer surplus
B.) Increased profits
C.) A simplified pricing schedule
D.) Both a and b

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Which of the following is an example of the "damaged goods" strategy
A.) A doll company selling dolls at cost but charging high margins on doll accessories
B.) A cell phone company offers free locked in phones but charges high prices per call
C.) A catering company pays its chefs higher wages to make sure that the bargain meals are just slightly burnt
D.) None of the Above

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Amusement parks often offer coupons to the local market that are not available to tourists. This is an example of
A.) Direct discrimination scheme
B.) Indirect discrimination scheme
C.) Both of the above
D.) None of the above

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The table above shows the values placed each of type of consumer for the different pairing knives. Given that the firm only chooses to sell the high-end professional series, how should it price its product?
A.) Price low, sell to both users
B.) Price high, sell only to the professional chefs
C.) Price low, sell only to the professional chefs
D.) Price high, sell only to the home users

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Many bars close to campuses have started offering cheaper beer to consumers with a student IDs. These bars are using
A.) Direct price discrimination
B.) Indirect price discrimination
C.) Metering
D.) Two-part pricing

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Jim is haggling with a car dealer, along with another customer, over the sale price of a used car. When he entered the store, the storekeeper was already haggling with the other customer. His bargaining position would improve if
A.) The other customer leaves
B.) He receives an offer from a competing car dealer
C.) He can make it clear that he will leave if his offer isn't accepted
D.) All of the above

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Irene's Dairy is deciding whether or not to enter the market for ice cream, currently monopolized by Mattie's Ice-cream. If it enters the market, Mattie's can either accommodate him and share his 10million in profits equally with Irene or fight him and cause a 5million loss for each in a price war.
What would the Nash equilibrium be in this sequential game?
A.) Enter, fight
B.) Enter, Accommodate
C.) Do not enter, Fight
D.) Do not enter, Accommodate

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Jim is haggling with a car dealer over the sale price of a used car. Which of the following would determine the amount of surplus Jim extracts from the purchase?
A.) Total difference between the buyer's and seller's valuations of the car
B.) The number of customers trying to buy that particular car
C.) The number of sellers trying to make Jim a sale
D.) All of the above

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Jim is haggling with a car dealer on the price of a used car. If the dealer is getting a bonus per sale made, in addition to the commission, the storekeeper's
A.) Disagreement value increases
B.) Eagerness to agree increases
C.) Relative gain from reaching agreement increases
D.) Both B&C

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Jim is haggling with a car dealer over the sale price of a used car. When he entered the store, the storekeeper was already haggling with the other customer. His bargaining position could get worse if
A.) The customer leaves
B.) Another customer enters the store, interested in the car
C.) He gets an offer from another seller
D.) All of the above

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Irene's Dairy is deciding whether or not to enter the market for ice cream, currently monopolized by Mattie's Ice-cream. If it enters the market, Mattie's can either accommodate him and share his 10million in profits equally with Irene or fight him and cause a 5million loss for each in a price war.
Given that Mattie could convincingly threatens to always fight, what would be Irene's best response
A.) Enter
B.) Not Enter
C.) Run
D.) Hide

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Under the axiomatic view of bargaining, the terms of agreement are determined by
A.) Your opponent's outside options
B.) Your outside options
C.) Your opponents gain from agreement
D.) All of the above

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If a union threatens to strike during a peak demand period, it is more likely to
A.) Have its conditions accepted
B.) Have its conditions rejected
C.) Get laughed at
D.) All of the above

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The types of games analyzed by the Nash equilibrium are
A.) Simultaneous move games
B.) Sequential move games
C.) Both of the above
D.) None of the above

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Two ice cream trucks A&B are playing a simultaneous pricing game. If one of them prices low, he gets all the customers, a payoff of 12, while other gets zero. If both price high they each get a payoff of 6 and if both price low, they get a payoff of 5.

What is the best response of Vendor B to Vendor A pricing high?
A.) Also price high
B.) Price low
C.) Leave the market
D.) All of the above

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In a market where the equilibrium price is $7, any price higher than $7 would cause
A.) a balanced demand and supply
B.) an excess supply
C.) an excess demand
D.) none of the above

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Excess demand of a product exerts __________pressure on prices
A.) Zero
B.) No
C.) Upward
D.) Downward

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The ability to lower the average costs of production as the quantity produced increases is called
A.) Economies of scale
B.) Economies of scope
C.) Diseconomies of scale
D.) Diseconomies of scope

answer

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question

Farmers rotate their crops between corn and soybean to increase crop yields. This behavior exhibits
A.) Economies of scale
Correct! Economies of scope
Diseconomies of scale
Diseconomies of scope

answer

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Which of the following could potentially capture the value created in a market
A.) Suppliers
B.) Industry rivals
C.) Buyers
D.) All of the above

answer

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Having a competitive advantage emanates from
A.) Decreased pricing power
B.) Lower costs
C.) One or both of the above
D.) None of the above

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Competitive firms can earn positive profits in the
A.) Long run only
B.) Long run and the short run
C.) Short run only
D.) All of the above

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Assumptions that underlie the Resource-based View include
A.) Resource heterogeneity
B.) Resource immobility
C.) Barriers to entry
D.) Both a and b

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For jointly owned substitute products, cannibalization leads to MR______MC
A.) Being higher than
B.) Being lower than
C.) Equaling
D.) None of the above

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Relative to simple pricing, price discrimination leads to
A.) Consumer surplus being converted to producer surplus
B.) Increased profits
C.) A simplified pricing schedule
D.) Both a and b

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Irene's Dairy is deciding whether or not to enter the market for ice cream, currently monopolized by Mattie's Ice-cream. If it enters the market, Mattie's can either accommodate him and share his 10million in profits equally with Irene or fight him and cause a 5million loss for each in a price war.
Given that Mattie could convincingly threatens to always fight, what would be Irene's best response
A.) Enter
B.) Not Enter
C.) Run
D.) Hide

answer

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If a union threatens to strike during a peak demand period, it is more likely to
A.) Have its conditions accepted
B.) Have its conditions rejected
C.) Get laughed at
D.) All of the above

answer

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The types of games analyzed by the Nash equilibrium are
A.) Simultaneous move games
B.) Sequential move games
C.) Both of the above
D.) None of the above

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