Chapter 14-17 Econ Final

Question 1

What are 3 examples of Price Discrimination

Answer 1

Men being paid more than women
Airplane tickets: babies not being charged
Movie Tickets due to senior and child discount

Question 2

What is an example of game theory?

Answer 2

When Coke makes its decisions based on what Pepsi does

Question 3

Monopoly

Answer 3

One firm that controls the whole market for a certain product

Question 4

Perfect Competition

Answer 4

Many firms with an identical product

Question 5

What is an example of an oligopoly?

Answer 5

T Mobile, Verizon, Sprint, AT&T

Question 6

Name 3 reasons why is Branding important

Answer 6

Establish a good company name
Reliable
Explains to people what your company does

Question 7

Oligopoly

Answer 7

Few sellers offering similar or identical products

Question 8

Monopolistic Competition

Answer 8

Many firms selling similar but NOT identical products

Question 9

Prisoners dilemma

Answer 9

Making poor decisions based on your lack of trust of the other person

Question 10

What is an example of a monopoly?

Answer 10

Time Warner Cable being the only TV service provider in Ithaca College
This blocks out all of the other providers from servicing Ithaca College

Question 11

What is an example of perfect competition?

Answer 11

Coffee and tea

Question 12

Name 3 reasons why advertising is important?

Answer 12

Gets your name out there
Shows people who you are
What you are selling

Question 13

What is an example of Monopolistic Competition?

Answer 13

Burger King and McDonald’s

Question 14

Game Theory

Answer 14

The strategy a firm uses in order to make decisions

Question 15

What is an example of a prisoners dilemma?

Answer 15

The choice of if you should confess to the crime and rat your partner out to have a shorter prison sentence
OR stay silent which is the best option