The IO Economics perspective locates the source of competitive advantage for a firm at the
a. Individual firm level
b. Industry level
c. Customer Level
d. None of the above
b
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Refer to the scenario above. The opportunity cost of producing one pound of oranges in Zeta is:
A) 1 pound of apples. B) 0.33 pounds of apples. C) 0.5 pounds of apples. D) 2 pounds of apples.
An increase in the price level is defined as
A) a recession. B) a growth boom. C) inflation. D) an expansion.
Which of the following is FALSE about intraindustry trade?
A) Economies of scale allow firms to enjoy lower average costs. B) It creates gains from trade. C) It is due to comparative advantage. D) It may involve heightened competition and lower prices for consumers. E) It increases consumer choice.
In repeated games, all of the following allow a firm to escape an inefficient "prisoners dilemma" equilibrium except
a. Be nice, don't strike first b. Respond immediately to non-cooperation c. Punish competitors as much as you can d. Make sure your competitors can easily interpret your actions