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Test your basic knowledge |
Business Competition
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Study First
Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. The rules describe the setting of the game - the actions the players may take - and the consequences of those actions; -Advertising and R&D are also prisoners' dilemmas
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2. Actions taken by a firm to achieve a goal - such as maximizing profits
Transfer pricing
Perfect Competition Barriers to Entry
Inter-industry competition
Business strategy
3. When firms make decisions that make every firm better off than in a noncooperative Nash equilibrium
Cooperation
Common knowledge
Simultaneous decision games
Cross-subsidy pricing
4. Each seller can sell all he wants to sell at the going price - Buyers and sellers are price takers - The goods offered by the different sellers are largely the same - The actions of any single buyer or seller will have a negligible impact on the m
Repeated game
Concentration Ratio
Nash equilibrium
Competitive market
5. First firm to set its output (Stackelberg's model)
Mutual Interdependence
Natural Monopoly (local phone or electric company)
Non-rivalrous consumption
Leader
6. Multiple firms make the same pricing decisions even though they have not explicitly consulted with each other
Monopoly (characteristics)
Network effects
Implicit Collusion
Imperfect competition
7. An oligopoly in which the sales of the leading (top four) firms are distributed unevenly among them
Common knowledge
Unbalanced Oligopoly
Present Value (PV)
Merger
8. A table that shows the payoffs that each firm earns from every combination of strategies by the firms
Mutual interdependence
Transfer pricing
Perfect Competitor Making a Profit
Payoff matrix
9. A representation of a game that summarizes the players - the information available to them at each stage - the strategies available to them - the sequence of moves - and the payoffs resulting from alternative strategies
Sequential-move game
Perfect Competition Short Run Supply
Bargaining Power of Buyers
Extensive-form game
10. If many firms can supply an input and the input is not specialized - the suppliers are unlikely to have the bargaining power to limit a firm's profits
Primary Sources of Monopolistic Power
Strategic behavior
Bargaining Power of Suppliers
Trigger strategy
11. Steel - autos - colas - airlines
Contestable market
Examples of Oligopoly
Follower
Mutual interdependence
12. The actions by persons - firms - or unions to gain special benefits from government at taxpayer's or someone else's expense
High Price Elasticity
Rent-seeking behavior
Economies of scale
Collusion
13. An oligopoly in which the firms produce a differentiated product
Kinked demand curve model
Limit pricing
Perfect Competition Long Run Supply
Differentiated oligopoly
14. Pricing strategy in which a firm intentionally varies its price in an attempt to "hide" price information from consumers and rivals
Simultaneous consumption
Trigger strategy
Simultaneous-move game
Randomized pricing
15. Toothpaste - shampoo - restaurants - banks
Tacit collusion
Ownership of a Key Input
Examples of Monopolistic Competition
Second-Degree Price Discrimination
16. When a manager makes a noncooperative decision
Peak-load pricing
Cheating
Inefficiency
Price Leadership
17. Price of a product that enables its producer to obtain a normal profit & that is equal to the ATC of producing it
First-Degree Price Discrimination (Perfect)
Double marginalization
Fair return price
Simultaneous-move game
18. Demand line is above ATC curve
Differentiated oligopoly
Homogenous oligopoly
Kinked-demand curve
Perfect Competitor Making a Profit
19. In game theory - game where parties make their moves in turn - one party making the first move followed by the other
Leader
Sequential game
Market Structure
Product Differentiation
20. Physical differences - Convenience - Ambience - Reputations - Appeals to vanity - Unconscious fears and desires - Snob appeal - Customized products
Maximizing profit in Oligopoly games
Basis for Product Differentiation
Follower
Dominant firm oligopoly
21. The demand curve for a non-collusive oligopolist - which is based on the assumption that rivals will match a price decrease and will ignore a price increase
Oligopoly
Kinked-demand curve
What is game?
Brand Multiplication
22. Intense competition in which competitors cut retail prices to gain business--oligopolistic competition
Limit pricing
Perfect Competition (characteristics)
Cooperative equilibrium
Price war
23. Single firm is sole producer of a product for which there are no close substitutes
Commodity bundling
Pure monopoly
Non-rivalrous consumption
Maximizing profit in Oligopoly games
24. A situation in which no one wants to change his or her behavior
Non-cooperative equilibrium
Brand Multiplication
Equilibrium
Collusion
25. A product's ability to satisfy a large number of consumers at the same time
Present Value (PV)
Simultaneous consumption
Common knowledge
Basis for Product Differentiation
26. In game theory - a game that is played again sometime after the previous game ends
Marginal Revenue
Simultaneous consumption
Repeated game
Normal-form game
27. An attempt by a firm to convince buyers that its product is different from the products of other firms in the industry
Kinked demand curve model
Third-Degree Price Discrimination
Block pricing
Product differentiation
28. Revenue-Costs
Profit
Block pricing
Primary Sources of Monopolistic Power
Two-part pricing
29. A game that is played over and over again forever and in which players receive payoffs during each play of the game
One-shot game
Indefinitely repeated game
Competitive market
Perfect Competition Long Run Supply
30. Each firm believes that if it raises its price - its competitors will not follow - but if it lowers its price all of its competitors will follow; -a model in which firms in an oligopoly match price cuts by other firms - but do not match price hike
Present Value (PV)
Pure monopoly
Kinked demand curve model
Unbalanced Oligopoly
31. Maximize economic profit by producing the quantity at which MC=MR
Profit
Maximizing profit in Oligopoly games
Oligopoly
Market
32. A merger between two firms in the same industry. Example: 2004 K-Mart merged with Sears
Strategy
Trigger strategy
Horizontal Merger/Integration
Leader
33. Occurs when a firm produces output - whatever its level - at a higher cost than is necessary to produce it
Nash equilibrium
Cutthroat Competition
Inefficiency
Perfect Competition (characteristics)
34. If buyers have enough bargaining power - they can insist on lower prices - higher-quality products - or additional services
Minimum efficient scale (full capacity)
Repeated game
Bargaining Power of Buyers
Dominant strategy equilibrium
35. In game theory - a statement of harmful intent easily dismissed by recipient because threat not considered believable
Fair return price
Unbalanced Oligopoly
The Threat from Potential Entrants Firms
Empty threat
36. Sellers can identify different types of customers and offer each a different price. Examples are special prices for students or the elderly
Third-Degree Price Discrimination
Joint Venture
Marginal Revenue
Differentiated oligopoly
37. Different units of a product are sold at different prices. Examples are buying in bulk - or - commodity-bundling
Second-Degree Price Discrimination
Product differentiation
Limit pricing
Mixed (randomized) strategy
38. The price that is low enough to deter entry
Marginal Revenue
Limit price
Natural Monopoly (local phone or electric company)
Mixed (randomized) strategy
39. The situation that exists when two or more groups need each other and must depend on each other to accomplish a goal that is important to each of them
Cutthroat Competition
Mutual Interdependence
Maximizing profit in Oligopoly games
Patent
40. When each firm has an incentive to cheat - but both are worse off if both cheat -- illustrates why cooperation is difficult to maintain even when it is mutually beneficial to do so
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41. Produce identical products
Herfindahl-Hirschman index (HHI)
Non-price competition
Pure monopoly
Perfect Competitor Characteristics
42. Game in which each player makes decisions without knowledge of the other player's decisions
Simultaneous-move game
Cross-subsidy pricing
Pure monopoly
Two-part pricing
43. A trigger strategy that punishes after an episode of cheating and returns to cooperation if cheating ends
Cournot equilibrium
Tit-for-tat strategy
Socially optimal price
Non-rivalrous consumption
44. Variations on one good so that a firm can increase market sharea
Cournot oligopoly
Bertrand oligopoly
Brand Multiplication
Price Leadership
45. A strategy or action that always provides the best outcome no matter what decisions rivals make
Examples of Monopolistic Competition
Dominant strategy
Second-Degree Price Discrimination
Inefficiency
46. A measure of market power - the percentage of all sales that is accounted for by the four or eight largest firms in the market
Concentration Ratio
Kinked demand curve model
Mixed (randomized) strategy
Two-part Tariff Method of Pricing
47. The competition for sales between the products of one industry and the products of another industry
Sequential-move game
Second-Degree Price Discrimination
Inter-industry competition
Product Differentiation
48. If production of a good requires a particular input - then control of that input can be a barrier to entry
Rent-seeking behavior
Marginal Revenue
Ownership of a Key Input
Two-part pricing
49. Where a firm can charge different groups of consumers different prices for the same product. Example: student or senior discounts
First-Degree Price Discrimination (Perfect)
Third-degree price discrimination
Block pricing
Nonprime competition
50. Increases in the value of a product to each user - including existing users - as the total number of users rises
Network effects
Marginal Revenue
First-Degree Price Discrimination (Perfect)
Profit
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