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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. Steel - autos - colas - airlines






2. 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)






3. In game theory - benefit obtained by party that moves first in a sequential game






4. 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






5. 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






6. Toothpaste - shampoo - restaurants - banks






7. A pricing strategy in which profits gained from the sale of one product are used to subsidize sales of a related product






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






9. 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






10. A situation in which no one wants to change his or her behavior






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






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






13. A trigger strategy that punishes after an episode of cheating and returns to cooperation if cheating ends






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






15. A strategy that guarantees the highest payoff given the worst possible scenario






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






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






18. Where a firm can charge different groups of consumers different prices for the same product. Example: student or senior discounts






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






20. When no one firm has a monopoly - but producers nonetheless realize that they can affect market prices. Firms compete but possess market power






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






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






23. 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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24. Pricing strategy in which consumers are charged a fixed fee for the right to purchase a product - plus a per-unit charge for each unit purchased






25. Nash equilibrium - the result when each player in a game chooses the action that maximizes his or her payoff given the actions of other players - ignoring the effects of his or her action on the payoffs received by those players (when you confess w






26. The competition that domestic firms encounter from the products and services of foreign producers






27. Both players have dominant strategies and play them






28. The exclusive right to a product for a period of 20 years from the date the product is invented






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






30. A representation of a game indicating the players - their possible strategies - and the payoffs resulting from alternative strategies






31. Rules - strategies - payoffs - outcomes






32. Multiple firms produce similar products - Firms face downward sloping demand curves - Profit maximization occurs where MC=MR - With free entry and exit - firms compete away economic profits






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






34. The actions by persons - firms - or unions to gain special benefits from government at taxpayer's or someone else's expense






35. In game theory - a decision rule that describes the actions a player will take at each decision point






36. The percentage of the total industry sales accounted for by the four largest firms in the industry. OUTPUT of 4 largest firms over TOTAL output in industry. C4=(S1+...+S4)/St or (w1+...+w4)






37. 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






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






39. A strategy that is contingent on the past play of a game and ion which some particular past action "triggers" a different action by a player






40. A game that is played over and over again forever and in which players receive payoffs during each play of the game






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






42. 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






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






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






45. Produce identical products






46. In game theory - a game that is played again sometime after the previous game ends






47. 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






48. Game in which one player makes a move after observing the other player's move






49. The smallest quantity at which the average cost curve reaches its minimum






50. 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







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