Eco 550 Final Exam

ECO 550 FINAL EXAM

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ECO 550 FINAL EXAM,

1. The Prisoner’s Dilemma involves two spies who are held in separate soundproof rooms. But even if the two spies could communicate, what makes it difficult for them to achieve the cooperative solution (both not confessing)?

2. A key to analyzing subgame perfect equilibrium strategy in sequential games is

3. In making promises that are not guaranteed by third parties and in imposing penalties that are not enforced by third parties, all of the following are credibility-enhancing mechanisms except

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

5. Credible promises and hostage mechanisms can support a continuous stream of cooperative exchanges except when

6. Firms that have a cover charge for their customers and charge for each item they purchase as well are exhibiting

7. Third-degree price discrimination exists whenever

8. 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.

9. Vacation tours to Europe invariably package visits to disparate regions: cities, mountains, and the seaside. Bundling, a type of second degree price discrimination, is most profitable when

10. ____ 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

11. Contracts are distinguished from tactical alliances by which of the following characteristics:

12. 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

13. When borrowers who do not intend to repay are able to hide their bad credit histories, a...