Microeconomics Chapter 11, 12

A group of firms that colludes by agreement to restrict output to increase prices and profits is called a(n) __________.

In a repeated game, the losses associated with not cooperating are __________ the losses of cooperating.

A strategy that is the best for a firm, no matter what strategies other firms use is known as:

Suppose the government were to discover a long-run, formal conspiracy to fix the price of marine hose. This type of collusion would be considered:

When firms agree to act as a monopoly and set prices they are called __________.

Prisoner's dilemma is an example of:

Equilibrium in a game in which players cooperate to increase their mutual payoff is called a:

Which of the following terms is defined as a market structure in which a small number of interdependent firms compete?

A situation where each firm chooses the best strategy, given the strategies chosen by other firms is known as:

An agreement among firms to charge the same price or to otherwise not compete is __________.

In the broadest sense, game theory studies the decisions of firms in industries where the profits of each firm depend on:

An oligopoly is a market structure with:

A cooperative equilibrium is equilibrium in which players __________ to increase their mutual payoffs, while a noncooperative equilibrium is an equilibrium in which players __________.

How does the prisoner's dilemma compare to the outcome of a repeated game?

Price leadership is a form of __________ in which one firm in an oligopoly announces a price change and the other firms in the industry match the change

A Nash equilibrium is where each firm chooses the best strategy:

During the Great Recession in Canada (2008-2009) there were very few employment opportunities for investment bankers, stockbrokers, and other financial workers since the collapse of financial markets. Many Canadians who worked in the financial services sector in Canada left this industry causing the labour supply curve to:

As the wage increases, the demand for labour curve:

As the number of workers increases, the marginal product of labour __________ and the marginal revenue product of labour __________.

A change in which of these factors would cause a movement along the supply curve for labour rather than a shift of the labour supply curve?

Which of the following formulas is correct?

Product price = marginal product of labour x marginal revenue product

Marginal product of labour = product price x marginal revenue product

Marginal revenue product of labour = product price x marginal product of labour

As technology improves, the demand for labour curve:

As the price of the final product increases, the demand for labour curve:

If the labour demand is unchanged, an increase in the labour supply will __________ the equilibrium wage and __________ the number of workers employed.

Which of these factors will not cause the demand curve for labour to shift?

Which of the following is the equivalent of the demand curve for labour?

Let MRP equal the marginal revenue product of labour and W equal the wage rate. When should a firm hire more workers to increase profit?

The factors of production include land, labour and:

As the population increases, the labour supply curve:

At the equilibrium, the price of capital is equal to the: