ECON 102 Homework 10 Answer (Penn State University)

ECON 102 Homework 10 Answer (Penn State University) Question 1 Suppose that two players are playing the following game. Player 1 can choose either Top or Bottom, and Player 2 can choose either Left or Right. The payoffs are given in the following table: where the number on the left is the payoff to Player A, and the number on the right is the payoff to Player B. Player A has _____________________, and player B has Question 2 Suppose that two players are playing the following game. Player 1 can choose either Top or Bottom, and Player 2 can choose either Left or Right. The payoffs are given in the following table: where the number on the left is the payoff to Player A, and the number on the right is the payoff to Player B. The Nash Equilibrium in pure strategies in this game is Question 3 Suppose that two players are playing the following game. Player 1 can choose either Top or Bottom, and Player 2 can choose either Left or Right. The payoffs are given in the following table: where the number on the left is the payoff to Player A, and the number on the right is the payoff to Player B. If each player plays their maximin strategy, the outcome of the game will be Question 4 Refer to the Game Tree above: If both players are trying to maximize their own payoffs, the likely outcome of this game is that Question 5 Products may be homogeneous or differentiated in the ___________ market structure. Question 6 Which of the following industries is NOT an oligopoly? Question 7 A conspiracy to restrain trade by keeping prices high is outlawed by the Question 8 Suppose an industry has 2 firms each with 30% of sales, and 8 firms each with 5% of sales. The HHI for this industry is Question 9 Suppose there are 6 firms in an industry and they each have total sales given in the table below. The 4-firm concentration ratio for this industry is Question 10 Market quantity in a Cournot model is ____________ than the monopoly quantity and _________ than the perfectly competitive quantity.