According to the accompanying diagram, at the profit-maximizing output, the firm will realize Q 17 econ 202 final exam.png 

Which idea is inconsistent with pure competition? 

The following payoff matrix represents a one-time prisoner’s dilemma game between two oligopolists deciding whether to maintain high prices or cut prices:    Firm B: High Price Firm B: Low Price    Firm A: High Price A: $10m, B: $10m A: $2m, B: $12m   Firm A: Low Price A: $12m, B: $2m A: $5m, B: $5m  What is the Nash equilibrium of this game?

Which of the following market outcomes would most strongly suggest the exercise of monopoly power?

Which is most likely to be a long-run adjustment for a firm that manufactures cars on an assembly line basis? 

Technological advances improve productivity in purely competitive industries. This change will result in a shift

Q 19 Econ 202 final exam.jpg At P4 in the accompanying diagram,this firm will

A monopsonist (single buyer) in the labor market that is also a monopolist in its product market will hire fewer workers and pay lower wages than a firm that is only a monopsonist in the labor market but faces perfect competition in its product market.

Which statement best illustrates the law of diminishing returns? 

Refer to the diagram. This firm’s demand and marginal revenue curves are based on the assumption that Q30 ECON 202 final.png