Credibility in threats and commitments in sequential games i

Credibility in threats and commitments in sequential games is based on

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randomizing one's actions so they are unpredictable

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explicit communications with competitors

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effective scenario planning

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analyzing best reply responses

 

 

In a game, a dominated strategy is one where:

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It is always the best strategy

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It is always the worst strategy

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It is the strategy that is the best among the group of worst possible strategies.

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Is sometimes the best and sometimes the worst strategy

 

The starting point of many methods for predicting equilibrium strategy in sequential games is

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designing proactive reactions to rival actions

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information sets

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uncertain outcomes

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backwards induction based on an explicit order of play

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endgame analysis

 

If one-time gains from defection are always less than the discounted present value of an infinite time stream of cooperative payoffs at some given discount rate, the decision-makers have escaped

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the Folk Theorem

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the law of large numbers

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the Prisoner's dilemma

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the paradox of large numbers

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the strategy of recusal

 

 

 

Which of the following pricing policies best identifies when a product should be expanded, maintained, or discontinued?

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full-cost pricing policy

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target-pricing policy

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marginal-pricing policy

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market-share pricing policy

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markup pricing policy

 

To maximize profits, a monopolist that engages in price discrimination must allocate output in such a way as to make identical the ____ in all markets.

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ratio of price to marginal cost

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ratio of marginal cost to marginal utility

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ratio of price to elasticity

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marginal revenue

 

The following are possible examples of price discrimination, EXCEPT:

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prices in export markets are lower than for identical products in the domestic market.

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senior citizens pay lower fares on public transportation than younger people at the same time.

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a product sells at a higher price at location A than at location B, because transportation costs are higher from the factory to A.

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subscription prices for a professional journal are higher when bought by a library than when bought by an individual.

 

__ 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.

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Prestige pricing

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Price lining

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Skimming

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Incremental pricing

 

Third-degree price discrimination exists whenever:

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the seller knows exactly how much each potential customer is willing to pay and will charge accordingly.

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different prices are charged by blocks of services.

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the seller can separate markets by geography, income, age, etc., and charge different prices to these different groups.

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the seller will bargain with buyers in each of the markets to obtain the best possible price.

 

Governance mechanisms are designed

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to increase contracting costs

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to resolve post-contractual opportunism

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to enhance the flexibility of restrictive covenants

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to replace insurance

 

When retail bicycle dealers advertise and perform warranty repairs but do not deliver the personal selling message that Schwinn has designed as part of the marketing plan but cannot observe at less than prohibitive cost, the manufacturer has encountered a problem of ____.

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reliance relationships

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uncertainty

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moral hazard

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creative ingenuity

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insurance reliance

 

Non-redeployable durable assets that are dependent upon unique complementary and perfectly redeployable assets to achieve substantial value-added will typically be organized as

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an export trading company

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a spot market contract

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a vertically integrated firm

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an on-going relational contract

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a joint stock company.

 

When someone contracts to do a task but fails to put full effort into the performance of an agreement, yet the lack of effort is not independently verifiable, this lack of effort constitutes a

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breach of contractual obligations

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denial of good guarantee

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loss of reputation

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moral hazard

 

Buying electricity off the freewheeling grid at one quarter 'til the hour for delivery on the hour illustrates:

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relational contracts with distributors

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vertical requirements contracts

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spot market transactions

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variable price agreements

 

The sentiment for increased deregulation in the late 1970's and early 1980's has been felt most significantly in the price regulation of

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coal

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grain

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transportation

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automobiles

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electric power generation

 

_ yields the same results as the theory of perfect competition, but requires substantially fewer assumptions than the perfectly competitive model.

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Baumol's sales maximization hypothesis

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The Pareto optimality condition

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The Cournot model

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The theory of contestable markets

 

The Herfindahl-Hirschman index (also shortened to just the Herfindahl index) is a measure of ____.

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market concentration

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income distribution

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technological progressiveness

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price discrimination

 

occurs whenever a third party receives or bears costs arising from an economic transaction in which the individual (or group) is not a direct participant.

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Pecuniary benefits and costs

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Externalities

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Intangibles

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Monopoly costs and benefits

 

The ____ is equal to the some of the squares of the market shares of all the firms in an industry.

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market concentration ratio

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Herfindahl-Hirschman index

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correlation coefficient

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standard deviation of concentration

 

In determining the optimal capital budget, one should choose those project's whose ____ exceeds the firm's ____ cost of capital.

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internal rate of return, average

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internal rate of return, marginal

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internal rate of return, historic

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average rate of return, marginal

 

Any current outlay that is expected to yield a flow of benefits beyond one year in the future is:

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a capital gain

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a wealth maximizing factor

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a capital expenditure

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a cost of capital

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a dividend reinvestment

 

The decision by the Municipal Transit Authority to either refurbish existing buses, buy new large buses, or to supplement the existing fleet with mini-buses is an example of:

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independent projects

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mutually exclusive projects

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contingent projects

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separable projects

 

Capital expenditures:

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are easily reversible

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are forms of operating expenditures

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Affect long-run future profitability

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Involve only money, not machinery

 

In the constant-growth dividend valuation model, the required rate of return on common stock (i.e., cost of equity capital) can be shown to be equal to the sum of the dividend yield plus the ____.

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yield-to-maturity

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present value yield

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risk-free rate

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dividend growth rate

 

 

 

 

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