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Introduction to Economics I Lecture 15

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Introduction to Economics I

Lecture 15

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Lecture 15

Exercise 1 True or False

In all markets, MR=MC is the profit maximizing rule .

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Lecture 15

Exercise 2 True or False

In competitive markets, firms are producing differentiated goods.

False. In competitive markets, firms are producing homogeneous goods.

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Lecture 15

Exercise 3 True or False

In competitive markets, firms can influence the market price.

False. In competitive markets, firms are price takers and they can not affect the market price.

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Lecture 15

Exercise 4 True or False

In duopoly, there are only two firms in the industry.

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Lecture 15

Exercise 5 True or False

In monopoly, P=MR.

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Lecture 15

Exercise 6 True or False

All games have at least one Nash equilibrium.

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Lecture 15

Exercise 7 True or False

Output produced in competitive markets is higher than the one produced in monopoly.

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Lecture 15

Exercise 8 True or False

ATC x q = Total cost (ATC: AVERAGE TOTAL COST, q: QUANTITY)

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Lecture 15

Exercise 9 True or False

Entry is not easy in monopolistic competiton.

False. Entry is easy in monopolistic competiton, since there are no entry barriers.

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