Industrial Organization
Exam Materials
Course Introduction
Industrial Organization explores the structure, behavior, and performance of firms and markets within various industries. The course examines how firms compete, the nature of market power and monopoly, pricing strategies, product differentiation, and the effects of government regulation and antitrust policies. Through both theoretical models and real-world case studies, students gain insight into topics such as barriers to entry, mergers and acquisitions, collusion, and innovation. The course aims to provide a deeper understanding of the strategic interactions among firms and the implications for market outcomes and consumer welfare.
Recommended Textbook
Managerial Economics and Organizational Architecture 5th Edition by James Brickley
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Page 2
Chapter 1: Introduction
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Q1) What are three components of organizational architecture? Which one is most important to the success of the firm?
Answer: The three components are of organizational architecture are the assignment of decision rights, the reward system, and the performance-evaluation system. The success of a firm depends on the successful interaction all three of these components.
Q2) Business Week sums up the failure of Enron to:
A) September 11, 2001
B) flawed organizational design
C) too much debt
D) risky projects in India and the oil price hikes
Answer: B
Q3) Is there a relationship between a CEO's retirement and the R&D expenses in a firm?
Answer: There is. In many instances, a CEO reduces R&D expenses a few years before retirement. This boosts earnings in these selected years. If the CEO's bonuses is linked to earnings, then the CEO retires with a big package from reduced R&D, while the firm suffers in the long run due to a failure of keeping up with innovation.
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Chapter 2: Economists View of Behavior
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Q1) Assume the quantity of apples is measured on the horizontal axis and the quantity of oranges is measured on the vertical axis. If Andy likes both apples and oranges, then his Marginal Rate of Substitution (i.e. the slope of an indifference curve) along the indifference curve indicates:
A) how many oranges he is willing to give up in order to obtain one more apple.
B) how many additional oranges he wants in order to give up two apples.
C) how many oranges he is willing to give up in order to get rid of one apple.
D) how many apples he is willing to give up in order to get rid of one orange.
Answer: A
Q2) Stella Ann Freeman is having a difficult time deciding whether or not to purchase a new car. How would understanding the concept of opportunity costs help her make a decision?
Answer: Opportunity cost is the value of what the best forgone alternative. The opportunity cost of purchasing a new car is the value of what is given up to purchase the car.
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Chapter 3: Markets, Organizations, and the Role of Knowledge
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Q1) The minimum wage is a:
A) wage ceiling.
B) positive externality.
C) price floor.
D) price ceiling.
Answer: C
Q2) Let D<sub>0</sub> be the initial demand curve for gasoline. Which one of the following does not shift this curve?
A) an increase in the amount of alternative fuels
B) an increase in gas tax
C) an increase in the price of gasoline
D) an increase in oil imports from the Gulf
Answer: C
Q3) Price controls on gasoline:
A) increase consumer surplus for all consumers.
B) create a shortage of gasoline.
C) create a surplus of gasoline.
D) increase producer surplus for all producers.
Answer: B
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Chapter 4: Demand
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Q1) Assume the demand curve for t-shirts is Q = 180 - 15P or P = 12 - .0667 Q. When are total revenues maximized?
A) When the price is $3.00.
B) When the price is $6.00.
C) When the price is $8.00.
D) When the price is $6.66
Q2) The identification problem in using regression analysis to estimate a demand curve emerges when:
A) factors affecting the demand for the product are highly correlated.
B) the demand for the product has not been stable over time.
C) the demand for the product has been relatively stable over time.
D) the supply of the product has been relatively unstable over time
Q3) The shape of a perfectly elastic demand curve is
A) Horizontal, Ed = infinity
B) Horizontal, Ed = 0
C) Horizontal, Ed = -1
D) Vertical, Ed = 0
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Chapter 5: Production and Cost
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Q1) If the price of a variable input increases, then:
A) the total cost curve will shift up.
B) the average total cost curve will shift down.
C) the marginal cost curve will shift down.
D) the fixed cost curve will shit up.
Q2) The Marginal Product curve of input Y shows:
A) how the quantity of output produced changes for each amount of input Y, whether or not all other inputs are held constant.
B) how the quantity of output produced changes for each amount of input Y, holding all other inputs constant.
C) how the average quantity of output produced varies with input Y, whether or not all other inputs are held constant.
D) how the average quantity of output produced varies with input Y, holding all other inputs constant.
Q3) The opportunity cost of any business decision is:
A) accounting cost divided by the level of output.
B) cost per unit.
C) the cost of the next best alternative.
D) the cost of doing business in the future.
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Page 7
Chapter 6: Market Structure
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Q1) The problem of the cartel points out that:
A) the interests of consumers and duopolists are the same.
B) the interests of consumers and duopolists conflict.
C) the interests of consumers and duopolists are the same in pricing, but conflict in output management.
D) the interests of consumers and duopolists are the same in output management, but conflict in pricing.
Q2) For the perfectly or purely competitive firm, profit maximization occurs at an output level where:
A) P = MC.
B) MC = ATC.
C) P = AVC.
D) P < AVC.
Q3) Manifold Manufacturing, a large producer of motorcycle parts, is accused of monopolizing the market for a particular motorcycle part. Why would its legal defense team be so interested in a statistical estimate that the price elasticity of demand for its part was 0.62?
Q4) Explain why OPEC cannot always maintain the high price of oil by restricting production?
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Chapter 7: Pricing With Market Power
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Q1) For decision making for the firm with market power, fixed costs are:
A) a key element in the markup.
B) irrelevant.
C) the same as marginal costs.
D) opportunity costs of production.
Q2) A typical university football program requires alumni to join one of several booster clubs (each club gets seats in different parts of the stadium) before the person can buy season tickets. What has this got to do with consumer surplus?
Q3) If a firm prices its output at marginal cost - the competitive solution - then the gains from trade are:
A) all in producer surplus.
B) split between producer and consumer surplus.
C) all in consumer surplus.
D) split in a Nash solution.
Q4) Give examples of block pricing, bundling, price discrimination and two-part tariffs.
Q5) P = 50 - 1/500 Q is the demand curve for tickets. MC = $10 per ticket. What is the optimal price and calculate the consumer surplus at this price?
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Page 9
Chapter 8: Economics of Strategy: Creating and Capturing
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Q1) Finding a way to create and capture value is part of:
A) business strategy.
B) cost control systems.
C) management control, but not general management.
D) allowing the market to run a company's future plans.
Q2) What is the relation between value creation and transactions cost?
Q3) Since September 11, 2001, longer lines, longer airport waits, and limits on carry-on luggage have all contributed to:
A) an increase vacation air travel.
B) an increase in business air travel.
C) a decline in value of air travel.
D) an increase in value of air travel.
Q4) With creating value we have:
A) a shift in both the demand and supply curves to the right.
B) a shift in both the demand and supply curves to the left.
C) demand shift to the right and supply to the left.
D) demand shift to the left and supply to the right.
Q5) Besides barriers to entry, what are some of the other reasons for incumbents to maintain their profits.
Q6) What are the key components for creating market power in order to capture value? Page 10
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Chapter 9: Economics of Strategy: Game Theory
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Q1) Risk-averse managers often take the tack of selecting the secure strategy. That is the business decision that provides the:
A) lowest payoff among the best payoffs.
B) highest payoff among the best payoffs.
C) lowest payoff among the worst payoffs.
D) highest payoff among the worst payoffs.
Q2) We have two players A and B, where A can go L or R, and B can go T, B or R. The payoffs are decided after this. The best description of such games is:
A) dominant strategies.
B) simultaneous moves.
C) sequential moves.
D) backward induction.
Q3) You toss two coins and if Heads or Tails shows up then I give $ 1. If only one Heads shows up then you give me $ 1. We play this many times. Who comes up ahead at the end of the day?
Q4) What impact does excess capacity play on determining the strategic focus of managers toward competitors?
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Chapter 10: Incentive Conflicts and Contracts
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Q1) Using piece rates for employees in an assembly line usually increases ________, but it may reduce ________.
A) output; quality
B) costs; revenues
C) quality; output
D) revenues; costs
Q2) Adverse selection in bargaining comes from:
A) lying to one party or another.
B) principals in the bargaining process.
C) agents in the bargaining process.
D) asymmetric information held by the principal or agent.
Q3) Jim Range owns a Best Ice Cream store, one of 1,000 franchises across the country.
Jim doesn't like to work evenings, so he hires Mary Jo Smith to work the store in the evening for $6.50 per hour. Mary Jo's friends come by each evening and she gives them free cones. Is this an adverse selection problem or an incentive problem? What is the solution?
Q4) What is an agency relationship? What are agency problems?
Q5) What is Adverse Selection? Give an example to illustrate this problem.
Q6) What are some ways of reducing adverse selection in the insurance market?
Page 13
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Chapter 11: Organizational Architecture
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Q1) When Eastman Kodak adopted the Management Annual Performance Plan (MAPP) in 1987, it replaced part of its employees' salaries with bonuses. This system:
A) had to fail.
B) introduced a new reward and performance evaluation system.
C) is required for all companies with rational managers.
D) is an inherent part of a corporate culture.
Q2) One mechanism to replace poor management is:
A) fire the low level workers who are most of the time indolent.
B) fire the union bosses who create an environment of mistrust.
C) tender offers and mergers.
D) pay more to the senior management since they deserve it.
Q3) Role models, company folklore, and rituals are:
A) key components of corporate culture.
B) not part of most companies' corporate culture.
C) not a consideration in an economic analysis of organizational architecture.
D) typical of village economies, but not corporate economies.
Q4) How do we solve the incentive problem and design optimal architecture?
Q5) What is corporate culture?
Q6) How is the architecture within firms usually set up?
Q7) Are organizational changes always needed?
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Chapter 12: Decision Rights: The Level of Empowerment
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Q1) Decentralizing decision rights marries authority with local knowledge. This would seem to be a good thing, but a problem that may arise is that:
A) local management may conserve central management's time and effort.
B) local knowledge may allow local managers to tailor prices and services to local needs
C) lack of local incentives may mean that local managers do not work to maximize firm value.
D) local managers may have too strong a corporate identification.
Q2) The issue with centralization versus decentralization is:
A) that centralization is always better because one person controls all information.
B) that it is difficult to find out whether one is better than the other in the hierarchy.
C) that decentralization is always better because many people can split the tasks.
D) that it is always easy to find out which is better but not all may agree.
Q3) What are some of the demerits of decentralization?
Q4) What are influence costs, and why do they inhibit efficient organizational design?
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Chapter 13: Decision Rights: Bundling Tasks Into Jobs and Subunits
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Q1) Industrial engineer Frederick Winslow Taylor was particularly rude in his recommendation that jobs be kept simple. He argued that the characteristics of lower-level workers were such that they should be assigned very limited decision rights and a narrow set of tasks. While certainly crude by today's standards, Taylor recognized that:
A) broad task assignment is necessary for complex jobs.
B) simple tasks assignment is always dehumanizing.
C) broad task assignment eliminates the need for coordination.
D) simple task assignment may improve overall productivity.
Q2) When a worker specializes in one task, he focuses on that one function in the production process, ignoring the whole system. This can result in:
A) higher cross training costs.
B) no trade-offs since only one task is undertaken by each employee.
C) accepting the greater complementary between one task and another.
D) function myopia that reduces overall productivity.
Q3) What do we mean by the M-form?
Q4) What is a matrix organization?
Q5) What are specialized task assignments and what are their advantages?
Q6) What do we mean by U-form?
Q7) What are the recent trends in organization design? Page 16
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Chapter 14: Attracting and Retaining Qualified Employees
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Q1) What roles do human capital and compensating differentials play in shaping the wage that a firm will pay a new employee?
Q2) The salary gains from specific training in human capital tend to go to the:
A) employing firm, not the individual.
B) federal government in higher taxes.
C) individual, not the employing firm.
D) parents, since they paid the education in the first place.
Q3) The gains from general training goes to:
A) neither to the firms, nor to the employees, but to the training institute.
B) both firms and employees.
C) firms, not employees.
D) employees, not firms.
Q4) A waiter in an all-night restaurant in a dangerous location receiving a higher wage rate is receiving:
A) a part of reality captured by the competitive model.
B) returns to general training.
C) returns to specific human capital.
D) compensating wage differential.
Q5) What are efficiency wages and why are they important in internal labor markets?
Page 18
Q6) Explain the effect of self-selection on compensating wage differential.
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Chapter 15: Incentive Compensation
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Q1) The rate at which an employer provides an incentive for an employee to perform (to increase effort) is the:
A) informativeness principle.
B) incentive coefficient.
C) risk sharing premium.
D) efficient bargaining solution.
Q2) Economists believe the free rider problem is very important in complex business organizational structures. Still, businesses continue to build teams to solve problems or to deliver products to consumers. Often special rewards or bonuses are provided to the team rather than to the individuals on the team. Write a brief essay that either defends the economists' concern or explain why economists are wrong on this issue.
Q3) Dan Heath is the owner of Plain Truth Advertising. He is attempting to design salary systems for his employees, most of whom are sales agents. To get a good system, he needs to recognize the trade-offs between:
A) benefits and incentives.
B) risk sharing and benefits.
C) benefits and salaries.
D) risk sharing and incentives.
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Chapter 16: Individual Performance Evaluation
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Q1) Give examples of how government intervention helps reduce moral hazard and adverse selection problems in internal labor markets.
Q2) At Always Round Tire, managers and professional employees are evaluated each year with the Subjective Information Performance Survey (SIPS). SIPS allows bosses to rank their employees on several issues including achieving budget objectives, communication quality, continuing education and training activities, and emphasis of teamwork among subordinates. SIPS software computes means and standard deviations, and benchmarks each employee relative to all others in the same evaluation system. But nobody at the company believes in SIPS output. Why?
Q3) Which of the following is not a problem with subjective performance evaluations?
A) Shirking among supervisors.
B) Forced distributions of results by upper management.
C) The ability to rank employees on a standard rating scale.
D) Use of influence to bias outcomes.
Q4) If managers were rewarded for meeting quota, then:
A) some managers would rebel and not meet the necessary quota.
B) all managers would exceed quota.
C) all managers would just meet quota.
D) some managers would just barely exceed quota.
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Chapter 17: Divisional Performance Evaluation
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Q1) What is transfer pricing?
Q2) One of the problems of transfer prices comes from the successive impact of the prices as the product moves downstream toward the consumer. At each step the transfer price becomes the ____________ for the next part of the company.
A) market price
B) total cost
C) marginal cost
D) negotiated price
Q3) If a company has two profit centers where one supplies the other with necessary ingredients to a company product, and if the relationship between two centers is clearly inimical to company success, then:
A) it is time to use the market-based transfer price system.
B) it is time to implement a marginal cost based transfer system.
C) the company should change its management control system.
D) the company should probably reorganize.
Q4) What are the common transfer pricing methods?
Q5) What are the measures of performance for investment centers? How do they work?
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Chapter 18: Corporate Governance
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Q1) One the important advantages of the nonprofit organization is:
A) lower taxes.
B) ease of issuing new stock.
C) ability to pay top managers portions of the residual profit.
D) its universal use in the manufacturing sector.
Q2) The incentive problem within the modern corporation is that the:
A) decision makers have stronger incentives to use assets productively than in small business where there is big separation of ownership and control.
B) decision makers have weaker incentives to use assets productively than in small business where there is a big separation of ownership and control.
C) decision makers have stronger incentives to use assets productively than in small business where there is no separation of ownership and control.
D) decision makers have weaker incentives to use assets productively than in small business where there is no separation of ownership and control.
Q3) What are the shareholder incentives within a corporation?
Q4) What is managerial power theory and what are its implications?
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Chapter 19: Vertical Integration and Outsourcing
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Q1) When a firm establishes a long-term contract with another firm where a firm acquires an asset such as a machine or a building through a rental agreement, this is a:
A) standard supply contract.
B) joint venture.
C) lease contract.
D) franchise agreement.
Q2) Nonmarket transactions refer to:
A) purchase in the a spot market.
B) vertical integration.
C) short term contracts.
D) market power
Q3) LightCo sells fairly standard light bulbs to Bodyworks, while BodyWorks sells components that can only be used by AutoCorp. Why is LightCo only interested in price while BodyWorks hires a law firm to negotiate its contracts with AutoCorp?
A) LightCo and BodyWorks both have significant alternatives in the marketplace.
B) LightCo has market alternatives while BodyWorks does not.
C) BodyWorks has market alternatives while LightCo does not.
D) Neither LightCo nor BodyWorks have market alternatives.
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Chapter 20: Leadership: Motivating Change Within Organizations
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Q1) If executives at Global Insurance think they have a new, innovative, and, importantly, profitable way to reorganize the company, they must recognize that they need to confront the:
A) stockholders.
B) primary government regulators.
C) other companies selling the same kind of insurance that Global sells.
D) status quo management system.
Q2) J.L. Pratt noted of the old General Motors that, "When one of them had a project, why he would get the vote of his fellow members, if they would vote for his project, he would vote for theirs." This is called:
A) logrolling.
B) hypertension.
C) a violation of antitrust law.
D) proposal marketing.
Q3) Economists are often defined as people with good mathematical skills but without the personality of accountants. If leadership is so important, why do economists often rise to the top of organizations?
Q4) What are the two tasks of good leadership?
Q5) What are the three issues related to proposal design?
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Chapter 21: Understanding the Business Environment: The Economics of Regulation
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Q1) In a regulatory environment, the number of regulated companies is small and the payoff to successful lobbying is large, and the:
A) number of consumers is also small, but their payoff to success is also small for each person.
B) number of consumers is large, and the payoff to success is small for each person.
C) number of regulators is small and corrupt.
D) supply of regulation is usually tied to another industry's success.
Q2) Special interest groups, in the theory of regulation, may be defined as:
A) publicly spirited individuals who will benefits from regulation.
B) self-interested individuals who benefit from regulation.
C) self-interested individuals who will suffer from regulation.
D) publicly spirited individuals who will suffer from regulation.
Q3) As an industry moves from competitive to monopolistic prices:
A) and profits fall.
B) fall and profits rise.
C) rise and profits fall.
D) and profits rise.
Q4) Describe the lemons problem.
Q5) Explain how Coase's theorem is implemented by the EPA.
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Chapter 22: Ethics and Organizational Architecture
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Q1) That corporations have obvious and simplistic written code of honor only to defend themselves from legal action is:
A) the correct view.
B) the most common view.
C) a perfectly understandable view.
D) a cynical view.
Q2) Economist Jack Hirshleifer notes that, "Altruism economizes on the costs of policing and enforcing contracts." Since economics assumes that people act in a self-interested manner, what could he possibly mean?
Q3) If a manager complies with all laws and regulations, then he can be confident that he:
A) is completely ethical.
B) is fairly unethical.
C) has begun to deal with ethical issues.
D) will never run into ethical problems at work.
Q4) What are some mechanisms for encouraging ethical behavior?
Q5) Corporate responsibility may require changing the mission of the company to a 'constrained' wealth maximization. Is it possible for a few firms in the marketplace to shift their objective functions in this way? Why?
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Chapter 23: Organizational Architecture and the Process of Management Innovation
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Q1) Monetary and non-monetary incentives are:
A) basically the same things.
B) perfect substitutes.
C) mutually exclusive.
D) not mutually exclusive.
Q2) ABC:
A) has been very successful in recent years and is adopted widely.
B) has been very successful in recent years but is not adopted widely.
C) has been very unsuccessful but is still adopted because of legal requirements.
D) has been very unsuccessful and has been replaced with traditional methods.
Q3) Outsourcing is a management innovation that emphasizes:
A) vertical integration of production and service.
B) assignment of management and production responsibilities to another firm.
C) reduction of purchases of resources to the bare essentials.
D) hiring only managers educated in another state.
Q4) Phillip Crosby asserts that, "Quality is free". Is he right?
Q5) Provide some examples of management innovations that came and went.
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Q6) "Market forces determine the success of any management innovation". Do you agree?