04 Jun Question 1 1. The steepness (slope) of an indifference curve indicates which of the following?
Question
Question 1
1. The steepness (slope) of an indifference curve indicates which of the following?
A.
The tradeoff a consumer is willing to make between price and quality
B.
The change in price holding product benefit constant
C.
The change in benefit holding price constant
D.
The tradeoff between consumer surplus and producer surplus
E.
None of the above
3.5 points
Question 2
1. Which of the following conditions does not tend to heat up price competition?
A.
Many sellers in the market
B.
Products are differentiated/buyers have high switching costs
C.
The industry is stagnant or declining
D.
Some firms have excess capacity
E.
There are large/infrequent sales orders
3.5 points
Question 3
1. In which of the following ways can entry erode incumbents’ profits?
A.
Entrants divide market demand among fewer sellers
B.
Entrants reduce internal rivalry
C.
Entrants increase market concentration
D.
Entrants usually grow the market for all parties
E.
Entrants decrease market concentration
3.5 points
Question 4
1. What type of curve can be used to describe the set of price-quality combinations that yields the same consumer surplus to an individual?
A.
Frontier curve
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