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






2. Identical or substitutable






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






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






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






6. 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






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






8. The reward received by a player in a game - such as the profit earned by an oligopolist






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






10. 1/(1+i)n






11. A market in which: (1) all have access to the same technology; (2) consumers respond quickly to price changes; (3) existing firms cannot respond quickly to entry by lowering their prices; and (4) there are no sunk costs






12. An agreement among firms in a market about quantities to produce or prices to charge in attempts to limit competition






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






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






15. 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






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






17. A table that shows the payoffs that each firm earns from every combination of strategies by the firms






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






19. 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






20. A simpler way to operationalize first-degree price discrimination






21. 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






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






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






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






25. Industry in which (1) few firms serving many customers; (2) firms produce identical products t constant marginal cost; (3) firms compete in price and react optimally to competitor's prices; (4) consumers have perfect information and here are no trans






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






27. Increases in the value of a product to each user - including existing users - as the total number of users rises






28. 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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29. When firms make decisions that make every firm better off than in a noncooperative Nash equilibrium






30. 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






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






32. A strategy in which a firm advertises a price and a promise to match any lower prices offered by a competitor






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






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






35. Produce differentiated products. Make a profit or take a lost in the short run - in the long run the firm will break even. (MOST number of firms.)






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






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






38. A merger between two firms in the same industry. Example: 2004 K-Mart merged with Sears






39. A strategy or action that always provides the best outcome no matter what decisions rivals make






40. Operates like the alleged Mafia. Region division of the market among the firms in the industry






41. Multiple firms make the same pricing decisions even though they have not explicitly consulted with each other






42. A business arrangement in which two or more firms undertake a specific economic activity together. Once the activity is over - the firms go their own way






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






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






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






46. Simultaneous move game that is not repeated






47. Cooperation among firms that does not involve an explicit agreement






48. An oligopoly in which the sales of the leading (top four) firms are distributed unevenly among them






49. A merger between firms who have a buyer/supplier relationship. Example: BF Goodrich merging with rubber plantations






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







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Can you answer 50 questions in 15 minutes?


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