Ross M. Allen Sports Econ.

Exam 1 Recap 10/4/2013 I thought that the hardest multiple choice questions were numbers 11 and six. Number eleven was difficult, partially because I did not allocate enough time to the multiple choice questions and instead, spent too much time on the short answers, and also because I do not feel like I practiced solving for payoff matrices enough beforehand. I think I got it wrong, because frankly, I guessed at the time because I had to turn in the exam and had no time left. I believe (after solving it out after the fact) that the correct answer was B. Number six was difficult because I knew that monopsony power reduced the quantity of labor demanded. I also knew that monopoly power decreased the quantity of a good sold and that a firm that sold a lower quantity of goods would have a lower labor demand ceteris paribus. I just didnt know if the question was asking in an immediate or bigger picture sense. I think I got it right because I dont specifically recall us discussing monopoly power as a factor of reduced employment as we did with monopsony power.