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principles of microeconomics

Questions and Answers of Principles Of Microeconomics

12 How does the United States’ Electoral College system of choosing a president influence how people run for president? Compare the Electoral College to a system where the candidate who gets the
11 The military is often the most effective part of most national governments. Why is this?
10 The percentage of elderly in the U.S. population is steadily increasing. What will happen to their political power and their ability to get politicians to transfer resources to them as their
9 “The Ten Commandments contain 297 words. The Bill of Rights is stated in 463 words. Lincoln’s Gettysburg Address contains 266 words. A recent [U.S.]federal directive to regulate the price of
8 In most parts of the United States, if a police officer stops you for speeding and you offer him a bribe to let you go, the officer will not accept the money but will arrest you. In many other
7 Since voters have no incentive to cast informed votes, would a nation benefit if it forced all citizens to pass some test before being eligible to vote?
6 Which salary for U.S. congressmen would minimize their level of corruption:$0 per year, $150,000 per year, or $10 million per year?
5 Consider two possible voting laws. The first forces all who don’t vote to pay a fine equal to one week’s salary. The second law requires that all who do vote must pay a tax equal to one
4 Imagine that some U.S. state has seven congressional districts. To simplify this question, assume that this state has 77 voters, 53 of whom are members of the Democratic Party and 24 of whom are
3 In 2005, the U.S. Congress almost allocated $223 million for an Alaskan bridge that would have connected Ketchikan, Alaska, to an island where only 50 people lived. When interviewed by journalists,
2 Should U.S. companies be permitted, under U.S. law, to bribe government officials of foreign countries? How might U.S. companies benefit from a U.S. law prohibiting such bribes?
1 If you are a citizen of a democratic country, do you intend to vote in your country’s next election? If so, why?
28 Why has no functional democracy ever had a famine? (page 314)
27 Why do incumbent U.S. congressmen rarely lose elections? (pages 313–314)
26 Why don’t government programs always have to satisfy consumers? (pages 312–313)
25 Why do politicians have short time horizons? (page 312)
24 Why is it irrational to become informed about political issues? (page 312)
23 Why is it often irrational to vote? (pages 311–312)
22 Why can corruption breed corruption? (page 311)
21 Why does a free press reduce corruption? (page 310)
20 Why do competitive politics reduce corruption? (page 310)
19 Why might having abundant natural resources increase corruption? (page 309)
18 Why do decentralized power centers in dictatorships increase corruption? (page 309)
17 Why are unstable dictatorships more corrupt than stable ones? (page 308)
16 How can corruption destroy wealth? (page 308)
15 When can corruption benefit an economy? (page 308)
14 What is the pork Prisoners’ Dilemma? (pages 306–307)
13 What harm comes about when government officials spend other people’s money? (page 305)
12 What is rent-seeking? (page 305)
11 Why do democratic politicians often pass pro-producer, anticonsumer laws? (page 304)
10 Why do concentrated interest groups beat diffuse ones? (page 304)
9 How can democratic politicians secretly take from Peter? (pages 303–304)
8 Why did Microsoft find it necessary to develop political muscle? (page 303)
7 What two-step formula can democratic politicians follow to benefit from robbing from Peter to pay Paul? (page 302)
6 Why can’t democratic politicians follow the above formula? (page 302)
5 What simple three-step formula can dictators follow to maintain power?(page 302)
4 Why does the key difference between government officials and businesspeople arise from Adam Smith’s invisible hand? (pages 301–302)
3 Whose self-interest do economists believe that politicians serve? (page 301)
2 What are some reasons why economists believe that government is necessary? (page 301)
1 What is public choice theory? (page 298)
12 Assume that only two firms make Zerons. These two firms decide to divide the market. One firm agrees to sell to only men and the other firm to only women.Why might the firms do this?
11 A city is considering enacting a law forbidding stores from being open on Sundays. In what ways would such a law help stores? Keep in mind that without the law a store could always choose not to
10 There are three other firms besides yours in a oligopolistic market. Until now all four of you have successfully used confusing pricing. Could you increase your profits by luring customers with a
9 Why do oligopolists often attempt to differentiate their products from rivals?Relate your answer to what happens in the long run in perfect competition.
8 Under which situation are lawyers in Cincinnati better off: (a) legal clients perceive all Cincinnati lawyers to be of the same quality or (b) legal clients perceive Cincinnati lawyers to be of
7 Antipolygamy laws make it illegal for a man to have more than one wife. Antipolygamy laws, therefore, reduce competition among men for wives. Do such laws benefit or harm men? Do such laws benefit
6 Your firm has already developed drug Memory-27. Let X equal the fixed cost of developing Memory-28. The marginal cost of producing one more pill of either Memory-27 or Memory-28 is $2. If Memory-28
5 Assume that the razors made by two firms used to be exactly the same. If the firms differentiate their razors, what would happen to the razors’ cross-elasticity of demand?
4 Plastic surgery is expensive and entails some health risk. Plastic surgery sometimes does, however, improve one’s prospects in the dating market. Describe how the existence of plastic surgery
3 Imagine that the only two candidates for a political office agree to limit their campaign spending. Explain how these candidates have just overcome a Prisoners’Dilemma. Do the candidates have an
2 Imagine that a politician believes oligopolies are cheating customers by colluding to charge high prices. To monitor oligopolies’ behavior, this politician forces all oligopolies to publish the
1 Which of the following are Prisoners’ Dilemma games? (Firm one’s profit is the top number while Firm two’s profit is the bottom number in each square.) Firm 1 Low prices High prices Firm 2
28 What is predatory pricing and why do economists believe that antitrust laws should not be used against firms that charge low prices? (page 294)
27 What happened in the 1969 IBM antitrust case? (page 293)
26 What were the facts behind National Society of Professional Engineers v. The United States ? (page 292)
25 What were the facts behind The United States v. Addyston Pipe and Steel ? (page 292)
24 Why is it more dangerous for firms to collude to suppress innovation than for firms to collude to increase prices? (page 292)
23 How does the Prisoners’ Dilemma relate to disruptive oligopolistic innovation? (page 291)
22 Why are oligopolies more likely than monopolists to engage in disruptive innovation? (page 290)
21 What is disruptive innovation? (page 290)
20 Why do oligopolies have tremendous incentives to innovate? (page 290)
19 How can confusing prices help oligopolies? (page 289)
18 Why do firms advertise? (page 289)
17 How does product differentiation lessen the harm to firms from the pricing Prisoners’ Dilemma? (pages 288–289)
16 How can oligopolistic firms differentiate their products? (pages 288–289)
15 Why do oligopolistic firms often try to differentiate their products? (pages 288–289)
14 How can oligopolistic collusion destroy wealth? (page 287)
13 What obstacles often prevent firms from implicitly colluding? (page 286)
12 Why do antitrust laws often force firms to resort to implicit collusion?(pages 285–286)
11 Why might tutors form a cartel? (page 285)
10 Why might the Mafia reduce crime? (page 285)
9 What are cartels? (page 285)
8 How can firms use collusion to escape the pricing Prisoners’ Dilemma?(page 285)
7 How can a firm utilize the Prisoners’ Dilemma? (pages 283–284)
6 What is the pricing Prisoners’ Dilemma? (pages 282–283)
5 How does the Prisoners’ Dilemma relate to steroid use among athletes?(pages 280–281)
4 How does the Prisoners’ Dilemma relate to students studying for a class? (page 280)
3 Why do both criminals confess in the Prisoners’ Dilemma? (pages 278–279)
2 What is the Prisoners’ Dilemma? (pages 278–279)
1 What is an oligopolistic market? (page 272)
9 Label the monopolist’s profit in Figure 10.10 . Marginal Average total cost costs Marginal revenue Quantity FIGURE 10.10 Demand
8 Do consumers benefit from monopolistic price discrimination? Consider both perfect and imperfect price discrimination. Ignore the fact that many customers work for monopolies and own stock in
7 If a monopolist can perfectly price discriminate then marginal revenue equals price. Why?
6 Assume that the following chart shows all eight potential customers of a movie theater. It costs the theater nothing to admit additional customers. The theater, therefore, maximizes its profit by
5 Imagine that the owner of a restaurant in Prague, frequented by foreign tourists, puts up a sign in Czech saying, “locals pay ½ of listed price.” What assumptions is this owner making about
4 What are some costs and benefits of reducing patent lengths from 20 to 10 years?
3 Imagine that the exact same AIDS drug is sold for $.50 a pill in Africa but $10 a pill in the United States. Why might a pharmaceutical company do this? If price discrimination were eliminated,
2 Assume that all the players in some American sports league are U.S. citizens.Who would be more in favor of allowing players from all over the world to play in the league: the team owners or the
1 In Figure 10.9, graphically label (a) the price the monopolist will charge, (b) the amount the monopolist will sell, (c) the monopolist’s total revenue, (d) the total consumers’ surplus, (e)
36 In what ways do monopolists have more and fewer incentives to innovate than firms in more competitive markets do? (pages 267–268)
35 What are antitrust laws? (page 267)
34 How do firms price discriminate through impatience? (page 267)
33 How do airlines price discriminate? (pages 266–267)
32 Why are coupons a form of price discrimination? (page 266)
31 Why would a self-interested university give greater financial aid to poor than to rich students, and how does this relate to price elasticities of demand? (pages 264–265)
30 Why might a pharmaceutical company sell the exact same medicine for a higher price to humans than dogs? (pages 263–264)
29 What three challenges must a monopolist overcome to price discriminate? (page 263)
28 Why is it almost impossible for a monopolist to perfectly price discriminate? (page 262)
27 What is perfect price discrimination? (page 262)
26 How can price discrimination reduce the deadweight loss of a monopolist? (pages 261–262)

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