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Can you answer 50 questions in 15 minutes?







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CLEP
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Test your basic knowledge |

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. Rules - strategies - payoffs - outcomes






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






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






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






5. When a manager makes a noncooperative decision






6. The competition for sales between the products of one industry and the products of another industry






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






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






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






10. A condition describing a set of strategies in which no player can improve their payoff by unilaterally changing their own strategy given the other player's strategy






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






12. A merger of firms in unrelated industries. Example: If Purina Dow Chow merged with Pampers Diaper Company






13. The price of a product that results in the most efficient allocation of an economy's resources and that is equal to the marginal cost of the product






14. Takes Place inside the Mind of the consumer






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. Involves price-fixing






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






18. 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






19. Both players have dominant strategies and play them






20. Revenue-Costs






21. 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






22. Produce identical products






23. The situation when a firm's long-run average costs fall as it increases output






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






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






26. The maximum price that a buyer is willing to pay for a good - or the minimum price that a seller will accept






27. 2 firms - simplest case in an oligopoly. Profits higher if limiting their production






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






29. 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






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






31. (1) Economies of Scale; (2) Economies of Scope; (3) Cost Complementarity; and (4)Patents & Other Legal Barriers






32. Simultaneous move game that is not repeated






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






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






35. In game theory - a statement of harmful intent easily dismissed by recipient because threat not considered believable






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






37. Rival who sets its output after the leader (Stackelberg's model)






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






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






40. Game in which each player makes decisions without knowledge of the other player's decisions






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






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






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






44. 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






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






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






47. Steel - autos - colas - airlines






48. A situation in which a change in price strategy by one firm affects sales and profits of another






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






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