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Business Competition

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. Produce identical products






2. Pricing strategy in which a firm optimally sets the internal price at which an upstream division wells an input to a downstream division






3. Specific assets - Economies of scale - Excess capacity - Reputation effects






4. An attempt by a firm to convince buyers that its product is different from the products of other firms in the industry






5. In game theory - a statement of harmful intent by one party that the other party views as believable-- "if you do this - we will do that"






6. An oligopoly in which the firms produce a standardized product






7. Sellers can identify different types of customers and offer each a different price. Examples are special prices for students or the elderly






8. Rules - strategies - payoffs - outcomes






9. 2 firms - simplest case in an oligopoly. Profits higher if limiting their production






10. A situation where one firm is able to provide a service at a lower cost than could several competing firms






11. In game theory - game where parties make their moves in turn - one party making the first move followed by the other






12. Demand line is above ATC curve






13. Industry where (1) there are few firms serving many customers; (2) firms produce either differentiated or homogenous products; (3) each form believes rivals will hold their output constant if it changes its output; and (4) barriers to entry exist. Fi






14. Price of a product that enables its producer to obtain a normal profit & that is equal to the ATC of producing it






15. Simultaneous move game that is not repeated






16. A product's ability to satisfy a large number of consumers at the same time






17. An establishment firm commits to setting price below the profit-maximizing level to prevent entry






18. Pricing strategy in which a firm intentionally varies its price in an attempt to "hide" price information from consumers and rivals






19. Price Sensitive






20. Sets the price at the highest level that is consistent with keeping the potential entrant out. -The strategy of reducing the price to deter entry






21. Toothpaste - shampoo - restaurants - banks






22. First firm to set its output (Stackelberg's model)






23. An equilibrium in a game in which players do not cooperate but pursue their own self-interest






24. Actions taken by a firm to achieve a goal - such as maximizing profits






25. An industry where (1) there are few firms serving many customers; (2) firms produce differentiated products; (3) each firm believes rivals will respond to price reductions but will not follow price increases; and (4) barriers to entry exist






26. The price that is low enough to deter entry






27. Occurs when a firm produces output - whatever its level - at a higher cost than is necessary to produce it






28. When something can be consumed without reducing the benefits available for subsequent consumption; can be consumed without supporting rivalry between consumers






29. Industry in which (1) there are few firms serving many customers; (2) firms produce either differentiated or homogenous products; (3) a single (leader) firm chooses an output quantity before their rivals select their outputs; (4) all other (follower)






30. 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






31. A situation in which all decision makers know the payoff table - and they believe all other decision makers also know the payoff table






32. Ignoring the effects of their actions on each others' profits






33. Involves price-fixing






34. An equilibrium in a game in which players cooperate to increase their mutual payoff






35. A table that shows the payoffs for every possible action by each player for every possible action by the other player






36. All firms and individuals willing and able to buy or sell a particular product






37. A table showing - for every possible combination of decisions players can make - the outcomes or "payoffs" for each of the players in each decision combination






38. A strategy whereby a player randomizes over two or more available actions in order to keep rivals from being able to predict his action






39. The physical characteristics of the market within which firms interact






40. When the decisions of two or more firms significantly affect each others' profits






41. A combination of two or more companies into one company






42. A measure of the sensitivity to price of a product group as a whole relative to the sensitivity of the quantity demanded of a single firm to a change in its price. R=Et/Ef






43. Single firm is sole producer of a product for which there are no close substitutes






44. The practice of bundling several different products together and selling them at a single "bundle" price






45. 1/(1+i)n






46. Marginal cost curve above average variable cost - P* = SRMC






47. The derivative of total revenue






48. Different units of a product are sold at different prices. Examples are buying in bulk - or - commodity-bundling






49. Variations on one good so that a firm can increase market sharea






50. A situation in which neither firm has incentive to change its output given the other firm's output







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