A competitive market structure differs from the monopoly, oligopoly, and
monopolistio competition structures in the
producers’ ability to set price.
profit maximization condition.
amount of long run profit.
entry conditions.
The term prisoners’ dilemma refers to a game in which
there are no Nash equilibria.
there are no dominant strategies.
the payoff from playing the dominant strategy is the same for each player.
the payoff from playing the dominant strategy is not the highest payoff possible.
To increase commercial bank lending the Fed can
raise the required reserve ratio, lower the dis-count rate, or sell government
securities.
raise the required reserve ratio,raise the dis-count rate, or sell government
securities.
lower the required reserve ratio, lower the dis-count rate, or buy government
securities.
lower the required reserve ratio, raise the dis-count rate, or buy government
securities.
A firm may decide to vertically integrate backward if
the transaction costs of dealing with the supplier are very low
the transaction costs of dealing with the supplier are very high.
the cost of managing the new division would be very high.
there are many suppliers from which to choose.
Selling the same product under different brand names allows a firm to price
discriminate as long as
customers know the products are identical.
customers do not know the products are identical.
the products really are not the same.
the firm lets customers know that the products are identical.
Suppose that the US interest rate is 5 percent and the Japanese interest rate is 1
percent. The effect of this discrepancy on foreign exchange markets is that
all funds flow to the US to get the higher interest rate.
a Japanese investor is guaranteed to make an additional 4 percent in yen terms
by investing in the United States.
investors expect the yen to appreciate against the dollar.
investors expect the yen to depreciate against the dollar.
Define the following terms:(12%)
(1) Formosa bond
(2) Private placement
(3) Real interest rate
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