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Question 1 1 points Save Answer Normal Form Game: The table below provides a normal form, 2 x 2 game. The players are Column and Row. Column can choose either LEFT or RIGHT, and Row can choose either UP or DOWN. Their payoffs for each combination of moves are provided in the four boxes. Column Row LEFT RIGHT -2 -9 JP -8 -9 -6 DOWN 9 -8 The combination of moves (UP, LEFT) is a Nash-Equilibrium. O A. True O B. FalseQuestion 2 1 points Save Answer Figure: Computing Monopoly Profit Price, marginal revenue, marginal cost, average total cost MC ATC E P1 Demand H Quantity (per period) Reference: Ref 14-1 (Figure: Computing Monopoly Profit) The monopolist will maximize profit by producing_ - and charging O A. at point M; P3 B. at point H; P2 O C. at point Q; P2 O D. at point L; P1 O E. None of the aboveQuestion 3 1 points Save Answer The dead-weight loss due to an inefficiency in the market means that which of the following must occur? O A. The total surplus is reduced O B. The consumer surplus no longer exists O C. The producer surplus is reduced D. A total surplus no longer existsQuestion 4 Buyers cannot have different reservation prices. True O False 1... A Moving to another question will save this response.Question 5 The price in a competitive market, without any inefficiencies, maximizes the gains from trade, because O A. The consumer surplus cannot be increased O B. A dead weight-loss will likely exist O C. The producer surplus cannot be increased O D. The total surplus is as large as possible with one priceQuestion 6 The reservation price of a buyer is O A. the most that the buyer is willing to pay for a product O B. the price at which a product is reserved for a buyer by the seller O C. the price at which both the buyer and seller are unwilling to exchange O D. the lowest price that the buyer can find for the productQuestion 7 A lack of competition among firms usually results in a dead-weight loss. True O False A Moving to another question will save this response.Question 8 In the classic prisoners' dilemma with two accomplices in crime, the Nash Equilibrium is for: O A. one to confess and the other not confess. O B. both individuals to not confess. O C. This game does not have a Nash Equilibrium. O D. both individuals to confess.Question 9 An industry dominated by a few firms, where each of those rms recognizes that its own choices will affect the choices of its rivals and that its rivals' choices will affect it, is a(n): A. perfect competition. B. oligopoly, C. monopoly. D. monopolistic competition. Question 10 When two firms have control of a market, an inefficient amount of the product is produced for society. This is usually accompanied by prices that _. As a result, A. are the same as monopoly prices; profit is less for the two firms than profit for firms in competitive markets O B. are less than marginal cost; profit is higher for the two firms than profit for firms in competitive markets C. are the same as monopoly prices; there is no dead-weight loss O D. are less than the competitive market price; profit is higher for the two firms than profit for firms in competitive markets O E. are higher than the competitive market price; there is some amount of an economic inefficiencyQuestion 11 If the only two firms in an industry agree to fix the price at a given level, this is an example of: O A. satisfying O B. price leadership. O C. price extortion. O D. collusion.Question 12 1 points Save Normal Form Game: The table below provides a normal form, 2 x 2 game. The players are Column and Row. Column can choose either LEFT or RIGHT, and Row can choose either UP or DOWN. Their payoffs for each combination of moves are provided in the four boxes. Column Row LEFT RIGHT -6 UP 3 -8 8 -2 DOWN 4 -1 What is the dominant strategy Nash equilibrium in the game situation described in the table above? O A. Every outcome is a dominant strategy Nash Equilibrium O B. There is only one dominant strategy, DOWN C. Either UP or DOWN, so long as Column plays LEFT O D. There is no dominant strategy Nash Equilibrium O E. Either LEFT or RIGHT, so long as Row plays UP> Moving to another question will save this response. Question 13 The supply curve in a market is given by P = 2 + 14.50(Q), while the demand curve is P = 187 - 37(Q). The consumer surplus and producer surplus at the equilibrium will be CS E = _ PS E = O A. 249.2 ; 100.6 OB. 357.4 ; 108.3 O C. 245.6 ; 102.9 O D. 238.7 ; 93.6 O E. 357.4 ; 100.6 > A Moving to another question will save this response.A Moving to another question will save this response. Question 14 The equation for the demand curve is P = 309 - (2)Q. If the price drops from _to _then the quantity effect is _, while the price effect is A. $17; $16; 10; -141.00 O B. $22; $16; 13.00; -131.00 O C. $17; $16; 8.00; -146.00 O D. $22; $17; 10; -141.00 A Moving to another question will save this response.A Click Submit to complete this assessment.