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QUESTION 1

Firms that buy inputs from suppliers have more bargaining power when:

A.

there are many other buyers in the market

B.

the suppliers sell highly differentiated products

C.

the costs of switching suppliers are low

D.

they purchase a relatively small quantity of product

QUESTION 2

Which of the following statements is true?

A.

Nash equilibria are only defined for repeated games

B.

Players take actions that maximize their joint profits under a Nash equilibrium

C.

There may be no unique Nash equilibrium to a two-player simultaneous game.

D.

One of the players must have a first-mover advantage in a two-player sequential game

QUESTION 3

Your ad agency advises you that the new email marketing campaign that they designed is expected to have 0.3% of the messages opened. Then, 10% of the recipients who open the email message with click through to your website. If you send the email marketing message to 500,000 people in the first round, what is the expected number of people who will visit your website?

A.

150

B.

1500

C.

15000

D.

100000

QUESTION 4

Please refer to the game associated with Multiple Choice question 8 in Chapter 15. If the low price / low price payoffs for both players are 30 (instead of 0), is this game a prisoners’ dilemma?

A.

Yes

B.

No

QUESTION 5

Metering is a type of direct price discrimination.

True

False

QUESTION 6

A business owner attains a bank loan to purchase a new delivery truck for the business, but they use the funds to take a vacation to Australia. Which of the following terms describes the problem with this situation?

A.

Adverse selection

B.

Moral hazard

C.

Both moral hazard and adverse selection

D.

There is not a problem with this situation

QUESTION 7

If a firm successfully differentiates its product from other products in the market, then we should expect the elasticity of demand for the differentiated product to become:

A.

We do not have enough information to answer this question

B.

more elastic

C.

more inelastic

D.

retain the same elasticity of demand

QUESTION 8

The joint payoffs to both players in a prisoners’ dilemma would be higher if the players could collude.

True

False

QUESTION 9

The prices achieved by common-value auctions tend to increase as more information is provided to buyers.

True

False

QUESTION 10

Movie theaters tend to charge higher ticket prices for evening and weekend shows. This implies that the demand for these tickets is relatively:

A.

unresponsive to income changes

B.

necessary

C.

inelastic

D.

elastic

QUESTION 11

The prospects for success facing your startup are risky: there is a 0.5 probability that you lose $1 million, 0.2 probability that you break even, and 0.3 probability that you make $5 million. What is the expected return from the startup?

A.

Lose $1 million

B.

Break even

C.

Gain $1 million

D.

Gain $1.5 million

QUESTION 12

Please refer to Individual Problem 20-5 in Chapter 20. If the client pays the cost for Form A for all forms processed, what is the average gain or loss earned across all forms processed?

A.

Lose $0.10 per form

B.

Break even

C.

Gain $0.10 per form

D.

Gain $0.15 per form

QUESTION 13

Suppose the marginal cost to produce Apple iPhones is $400 per phone. Initially, the elasticity of demand for the iPhone is -2 when the product has no close substitutes. As other smart phones enter the market place, the elasticity of demand for iPhones changes to -3. If Apple is setting prices to maximize profits, how much should the iPhone price decline in response to the entry by competing phones?

A.

$200

B.

$300

C.

$400

D.

$600

QUESTION 14

Which of the following claims is NOT true?

A.

If arbitrage between customers is possible, the seller should offer uniform prices

B.

Volume discounts are not a form of price discrimination

C.

Bundling is profitable if the willingness to pay for the bundle is more homogeneous than the willingness to pay for the bundle components

D.

Price discrimination is feasible if the costs of arbitrage exceed the difference in prices charged to the different customers

QUESTION 15

In a situation subject to asymmetric information, which party should use the screening techniques?

A.

More informed party

B.

Neither party should use screens

C.

We do not have enough information to answer this question

D.

Less informed party

QUESTION 16

There are five buyers at an online book auction with willingness to pay {$20, $25, $30, $30, $40}. What is the likely value of the winning bid?

A.

Just over $25

B.

Just over $30

C.

Just over $35

D.

Just under $40

QUESTION 17

To successfully adopt a price discrimination strategy, the seller must:

A.

be able to know which customers belong to the different pricing groups

B.

be able to prevent resale between buying groups

C.

offer distinct products for each separate pricing group

D.

be able to identify the willingness to pay for each individual customer

QUESTION 18

Recently, Quandl announced that they were purchased by NASDAQ. Both firms provide historic market data and other information about exchange transactions in equity and futures markets, so they offer substitute products. After the merger is completed, we should expect that the price of these market data products offered by the combined firm will:

A.

decline

B.

remain unchanged

C.

We do not have enough information to answer this question

D.

increase

QUESTION 19

Which of the following actions can be an example of a signal designed to reduce the impact of asymmetric information?

A.

A money-back guarantee

B.

Students pursue graduate training

C.

Students take an unpaid internship

D.

All of the above

QUESTION 20

Which of the following statements is NOT true?

A.

Common value auctions are subject to the winners curse

B.

English auctions are also known as oral auctions

C.

Oral auctions are also second-price auctions

D.

The outcomes from Vickrey auctions are identical to first-price sealed bid auctions

QUESTION 21

Which type of randomness can be fully described by a probability distribution?

A.

Risk

B.

Uncertainty

C.

Both of the above

D.

None of the above

QUESTION 22

Which of the following statements about moral hazard is true?

A.

Moral hazard arises from actions that cannot be observed

B.

Shirking is a form of moral hazard

C.

Moral hazard involves taking excessive risk

D.

All of the above

QUESTION 23

For threats or commitments in a game to be effective, they must be:

A.

credible

B.

irrational

C.

ethical

D.

None of the above

QUESTION 24

The remaining consumer surplus is zero under a successful first-degree price discrimination scheme.

True

False

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