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End of Semester Test 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)
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End of Semester Test 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)
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End of Semester Test.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/End%20of%20SemestEnd of Semester Test
1. In a game, a Nash equilibrium is reached only if the players
A) have no best response for the choices made by other players.
B) understand the game and the payoffs associated with each strategy.
C) use backward induction method to develop their strategies.
D) follow a mixed strategy.
ANS B) understand the game and the payoffs associated with each strategy.
2. A profit maximizing monopoly's price is
A) less than the price that would prevail if the industry was perfectly compet- itive.
B) not consistently related to price that would prevail if the market was perfectly
competitive.
C) greater than the price that would prevail if the industry was perfectly
competitive.
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D) the same as the price that would prevail if the industry was perfectly com- petitive.
ANS C) greater than the price that would prevail if the industry was perfectly competitive.
3. The incidence of a tax depends on whether the government collects the tax from buyers
or sellers.
True or False
ANS False
4. Some superstar athletes in the sports industry earn very high levels of income relative
to other occupations, and over time the wage differential has been increasing. What could
have caused this?
A) The supply of star athletes has decreased.
B) The market power of athletes' unions has increased.
C) Technological advances such as cable television has increased the demand for sports
entertainment.
D) The supply of star athletes has increased due to college athletic programs.-
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ANS C) Technological advances such as cable television has increased the demand for sports
entertainment.
5. If in the market for peaches the supply curve has shifted to the left,
A) the quantity of peaches supplied has increased.
B) the supply of peaches has decreased.
C) the supply of peaches has increased.
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