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Practice Questions

Office Hours: Game Theory Practice Questions

1. Bob and Al broke their pact and each preformed 5 shows. Which of the following was a result of this behavior? *

a. Attendees paid lower prices for tickets to their show than if Bob and Al would have successfully cooperated.

b. Attendees paid higher prices for tickets to their show than if Bob and Al would have successfully cooperated.

In the following two questions, suppose we replay Bob and Al’s scenario with slightly different payoffs.

2. What is the Nash Equilibrium of this game? (Remember: Bob’s payoffs are listed first.)
*

a. (Cheat, Cheat)

b. (Cheat, Promise)

c. (Promise, Cheat)

d. (Promise, Promise)

3. What is the Nash equilibrium of this game? (Remember: Bob’s payoffs are listed first.)

*

a. (Cheat, Cheat)

b. (Cheat, Promise)

c. (Promise, Cheat)

d. (Promise, Promise)

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Principles of Economics Microeconomics

Course (105 videos)

Introduction

Introduction to Microeconomics

Practice Questions

Opportunity Cost and Tradeoffs

Practice Questions

Marginal Thinking and the Sunk Cost Fallacy

Practice Questions

Interactive Practice

Supply, Demand, and Equilibrium

The Demand Curve

Practice Questions

The Supply Curve

Practice Questions

The Equilibrium Price and Quantity

Practice Questions

Understanding the Demand Curve: Shifts and Consumer Surplus

Practice Questions

Interactive Practice

What Shifts the Demand Curve?

Practice Questions

Change in Demand vs. Change in Quantity Demanded

Interactive Practice

Understanding the Supply Curve: Shifts and Producer Surplus

Interactive Practice

What Shifts the Supply Curve?

Interactive Practice

Exploring Equilibrium

Interactive Practice

Interactive Practice

Supply and Demand Terminology

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Does the Equilibrium Model Work?

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Elasticity and Its Applications

Elasticity of Demand

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Calculating the Elasticity of Demand

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Office Hours: Elasticity of Demand

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Elasticity of Supply

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Elasticity of Supply: Why Housing is Unaffordable

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Elasticity of Supply: Do Gun Buybacks Work?

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Taxes and Subsidies

Commodity Taxes

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Who Pays the Tax?

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Tax Revenue and Deadweight Loss

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Practice Questions

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The Price System

A Price Is a Signal Wrapped up in an Incentive

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Markets Link the World

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The Great Economic Problem

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Information and Incentives

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Practice Questions

Prediction Markets

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Price Ceilings and Price Floors

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Price Ceilings: Shortages and Quality Reduction

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Price Ceilings: Lines and Search Costs

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Price Ceilings: Deadweight Loss

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Price Ceilings: Misallocation of Resources

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Price Ceilings: Rent Controls

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Rent Control in Mumbai

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Price Floors: The Minimum Wage

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Price Floors: Airline Fares

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Why Do Governments Enact Price Controls?

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Price Controls and Communism

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Trade

The Big Ideas of Trade

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Comparative Advantage

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Another Look at Comparative Advantage

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Comparative Advantage Homework

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Tariffs and Protectionism

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Arguments Against International Trade

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Avengers: The Story of Globalization (Optional)

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Externalities

What Are Negative Externalities?

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Pigouvian Taxes

What Are Positive Externalities?

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Pigouvian Subsidies

Command and Control Solutions

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The Coase Theorem

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Trading Pollution

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A Deeper Look at Tradable Allowances

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Externalities and Incentives: The Economics of COVID

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Costs and Profit Maximization Under Competition

Introduction to the Competitive Firm

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Maximizing Profit Under Competition

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Maximizing Profit and the Average Cost Curve

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Entry, Exit, and Supply Curves: Increasing Costs

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Entry, Exit, and Supply Curves: Constant Costs

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Entry, Exit, and Supply Curves: Decreasing Costs

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Competition and the Invisible Hand

Minimization of Total Industry Costs of Production

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The Balance of Industries and Creative Destruction

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Monopoly

Maximizing Profit Under Monopoly

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Office Hours: Calculating Monopoly Profit

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The Monopoly Markup

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The Costs and Benefits of Monopoly

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Price Discrimination

Introduction to Price Discrimination

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The Social Welfare of Price Discrimination

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Labor Markets

The Marginal Product of Labor

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Econ Duel: Is Education Signaling or Skill Building?

Human Capital and Signaling

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The Tradeoff Between Fun and Wages

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Compensating Differentials

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Do Unions Raise Wages?

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Public Goods and the Tragedy of the Commons

Public Goods and Asteroid Defense

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A Deeper Look at Public Goods

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Practice Questions

The Tragedy of the Commons

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Asymmetric Information

Asymmetric Information and Used Cars

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Asymmetric Information in Health Insurance

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Solutions to Moral Hazard

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Consumer Choice

Introduction to Consumer Choice

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Budget Constraints

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Indifference Curves

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Consumer Optimization

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Office Hours: Game Theory

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Principles of Economics: Microeconomics

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