Economics and Correct Answer

1400 words 6 pages
The assumption of rationality in economics implies that: Answer

Selected Answer:

people make choices with an eye toward attaining objectives they have chosen. Correct Answer:

people make choices with an eye toward attaining objectives they have chosen. Question 2

0 out of 10 points Carla had received very low annual return from her investment portfolio comprising of stocks of five companies for two years. Her decision to continue holding the same portfolio of assets will be an example of: Answer

Selected Answer:

bounded rationality. Correct Answer:

systematically missed opportunities.

Question 3

10 out of 10 points Assume that a cargo ship carrying the merchandise
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Question 18
10 out of 10 points In the small country of Talisman, the liquor industry is monopolized by a single producer Best Drinks Inc. Best Drinks charges high-end customers like 5-star hotels a much higher price than it charges local pubs. This discrimination is possible only if: Answer

Selected Answer:

we assume Best Drinks can prevent pub owners from buying liquor and selling it to 5-star hotels.

Correct Answer:

we assume Best Drinks can prevent pub owners from buying liquor and selling it to 5-star hotels.

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Question 19
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0 out of 10 points When all players are choosing their best strategies on the assumption that their opponents are doing likewise, the outcome is called: Answer
Selected Answer:

a Stackelberg equilibrium.

Correct Answer:

a Nash equilibrium.

Question 20

0 out of 10 points After the deregulation of the airline industry, the new airlines had a competitive cost advantage over the older ones as: Answer

Selected Answer:

they could practice price discrimination.

Correct Answer:

they did not bear any legacy cost.

Question 21

0 out of 10 points In an oligopoly market with a dominant firm and a competitive fringe, if market demand is _____, the market price will be low and the _____ profit will be small. Answer

Selected Answer:

less elastic; fringe’s

Correct Answer:

more elastic; dominant

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