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Industrial Economics and Experimental Economics

Description: This quiz covers concepts related to Industrial Economics and Experimental Economics.
Number of Questions: 15
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Tags: industrial economics experimental economics game theory auctions
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In Industrial Economics, what is the term used to describe a market structure in which a single firm controls a large share of the market?

  1. Monopoly

  2. Oligopoly

  3. Perfect Competition

  4. Monopolistic Competition


Correct Option: A
Explanation:

A monopoly is a market structure in which a single firm controls a large share of the market, giving it significant market power.

In an oligopoly, what is the term used to describe a situation in which a small number of firms control a large share of the market?

  1. Collusion

  2. Cartel

  3. Price-Fixing

  4. All of the above


Correct Option: D
Explanation:

In an oligopoly, collusion, cartels, and price-fixing are all examples of situations in which a small number of firms control a large share of the market.

In Experimental Economics, what is the term used to describe a method for studying economic behavior in a controlled environment?

  1. Laboratory Experiment

  2. Field Experiment

  3. Natural Experiment

  4. Survey Experiment


Correct Option: A
Explanation:

A laboratory experiment is a method for studying economic behavior in a controlled environment, where researchers can manipulate variables and observe the effects on economic outcomes.

In an experimental economics study, what is the term used to describe the group of participants who are subjected to the experimental treatment?

  1. Treatment Group

  2. Control Group

  3. Experimental Group

  4. All of the above


Correct Option: A
Explanation:

The treatment group in an experimental economics study is the group of participants who are subjected to the experimental treatment.

In an experimental economics study, what is the term used to describe the group of participants who are not subjected to the experimental treatment?

  1. Treatment Group

  2. Control Group

  3. Experimental Group

  4. All of the above


Correct Option: B
Explanation:

The control group in an experimental economics study is the group of participants who are not subjected to the experimental treatment.

In Game Theory, what is the term used to describe a situation in which two or more players make decisions that affect each other's outcomes?

  1. Strategic Interaction

  2. Non-Cooperative Game

  3. Cooperative Game

  4. All of the above


Correct Option: D
Explanation:

Strategic interaction, non-cooperative games, and cooperative games are all examples of situations in which two or more players make decisions that affect each other's outcomes.

In a non-cooperative game, what is the term used to describe a strategy that maximizes a player's payoff given the strategies of the other players?

  1. Nash Equilibrium

  2. Dominant Strategy

  3. Mixed Strategy

  4. All of the above


Correct Option: A
Explanation:

A Nash Equilibrium is a strategy that maximizes a player's payoff given the strategies of the other players.

In a cooperative game, what is the term used to describe a situation in which all players can improve their outcomes by working together?

  1. Pareto Efficiency

  2. Social Optimum

  3. Nash Equilibrium

  4. All of the above


Correct Option: A
Explanation:

Pareto Efficiency is a situation in which all players can improve their outcomes by working together.

In an auction, what is the term used to describe a situation in which the highest bidder wins the item being auctioned?

  1. English Auction

  2. Dutch Auction

  3. Sealed-Bid Auction

  4. All of the above


Correct Option: A
Explanation:

An English Auction is a type of auction in which the highest bidder wins the item being auctioned.

In an auction, what is the term used to describe a situation in which the lowest bidder wins the item being auctioned?

  1. English Auction

  2. Dutch Auction

  3. Sealed-Bid Auction

  4. All of the above


Correct Option: B
Explanation:

A Dutch Auction is a type of auction in which the lowest bidder wins the item being auctioned.

In an auction, what is the term used to describe a situation in which bidders submit sealed bids and the highest bidder wins the item being auctioned?

  1. English Auction

  2. Dutch Auction

  3. Sealed-Bid Auction

  4. All of the above


Correct Option: C
Explanation:

A Sealed-Bid Auction is a type of auction in which bidders submit sealed bids and the highest bidder wins the item being auctioned.

In an auction, what is the term used to describe a situation in which the seller sets a reserve price and the item is sold only if the highest bid meets or exceeds the reserve price?

  1. Reserve Price Auction

  2. No-Reserve Auction

  3. Sealed-Bid Auction

  4. All of the above


Correct Option: A
Explanation:

A Reserve Price Auction is a type of auction in which the seller sets a reserve price and the item is sold only if the highest bid meets or exceeds the reserve price.

In an auction, what is the term used to describe a situation in which the seller sets a minimum bid and the item is sold to the highest bidder who meets or exceeds the minimum bid?

  1. Reserve Price Auction

  2. No-Reserve Auction

  3. Minimum Bid Auction

  4. All of the above


Correct Option: C
Explanation:

A Minimum Bid Auction is a type of auction in which the seller sets a minimum bid and the item is sold to the highest bidder who meets or exceeds the minimum bid.

In an auction, what is the term used to describe a situation in which the seller sets a fixed price and the item is sold to the first bidder who meets or exceeds the fixed price?

  1. Fixed Price Auction

  2. No-Reserve Auction

  3. Sealed-Bid Auction

  4. All of the above


Correct Option: A
Explanation:

A Fixed Price Auction is a type of auction in which the seller sets a fixed price and the item is sold to the first bidder who meets or exceeds the fixed price.

In an auction, what is the term used to describe a situation in which the seller sets a starting price and the item is sold to the highest bidder who meets or exceeds the starting price?

  1. Starting Price Auction

  2. No-Reserve Auction

  3. Sealed-Bid Auction

  4. All of the above


Correct Option: A
Explanation:

A Starting Price Auction is a type of auction in which the seller sets a starting price and the item is sold to the highest bidder who meets or exceeds the starting price.

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