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Test your basic knowledge |
Business Competition
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
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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
Examples of Oligopoly
Perfect Competition (characteristics)
Four-firm concentration ratio
Transfer pricing
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)
Oligopoly
Cheating
Interdependence
Stackelberg oligopoly
3. In game theory - benefit obtained by party that moves first in a sequential game
Market
First-mover advantage
Bargaining Power of Suppliers
Examples of Oligopoly
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
Patent
Finding profit for oligopoly games
Vertical Merger
Payoff table
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
Inefficiency
Examples of Monopolistic Competition
Price matching
Cournot oligopoly
6. Toothpaste - shampoo - restaurants - banks
Cheating
Commodity bundling
Examples of Monopolistic Competition
Perfect Competition Long Run Supply
7. A pricing strategy in which profits gained from the sale of one product are used to subsidize sales of a related product
Cross-subsidy pricing
The Threat from Potential Entrants Firms
Normal-form game
Prisoners' dilemma
8. Actions taken by a firm to achieve a goal - such as maximizing profits
Socially optimal price
Herfindahl-Hirschman index (HHI)
Business strategy
Interdependence
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
Extensive-form game
Dominant strategy
Two-part pricing
Mutual Interdependence
10. A situation in which no one wants to change his or her behavior
Equilibrium
Randomized pricing
Leader
Mutual interdependence
11. A combination of two or more companies into one company
Merger
Dominant strategy
Primary Sources of Monopolistic Power
No cooperative equilibrium
12. A situation where one firm is able to provide a service at a lower cost than could several competing firms
Natural Monopoly (local phone or electric company)
Cheating
One-shot game
Present Value (PV)
13. A trigger strategy that punishes after an episode of cheating and returns to cooperation if cheating ends
Mutual interdependence
Barrier to entry
Fair return price
Tit-for-tat strategy
14. Sellers can identify different types of customers and offer each a different price. Examples are special prices for students or the elderly
Nonprime competition
Third-Degree Price Discrimination
Simultaneous-move game
Cooperative equilibrium
15. A strategy that guarantees the highest payoff given the worst possible scenario
Disappearing invisible hand
Bargaining Power of Buyers
Non-price competition
Secure strategy
16. Pricing strategy in which a firm optimally sets the internal price at which an upstream division wells an input to a downstream division
One-shot game
Fair return price
Present Value (PV)
Transfer pricing
17. Variations on one good so that a firm can increase market sharea
Brand Multiplication
Limit pricing
High Price Elasticity
Import competition
18. Where a firm can charge different groups of consumers different prices for the same product. Example: student or senior discounts
Payoff matrix
Non-cooperative behavior
Third-degree price discrimination
Examples of Monopolistic Competition
19. An oligopoly in which the firms produce a standardized product
Homogenous oligopoly
Barrier to entry
Dominant strategy equilibrium
Peak-load pricing
20. When no one firm has a monopoly - but producers nonetheless realize that they can affect market prices. Firms compete but possess market power
Lerner index
Socially optimal price
Imperfect competition
Dominant strategy equilibrium
21. The practice of bundling several different products together and selling them at a single "bundle" price
Randomized pricing
Open Collusion
Commodity bundling
Cheating
22. All firms and individuals willing and able to buy or sell a particular product
Secure strategy
Market
Peak-load pricing
Cournot equilibrium
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
Two-part pricing
Horizontal Merger/Integration
Reservation Price
Cournot oligopoly
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
Cheating
Nash equilibrium
Non-cooperative equilibrium
Cournot equilibrium
26. The competition that domestic firms encounter from the products and services of foreign producers
Payoff table
Marginal Revenue
Import competition
Block pricing
27. Both players have dominant strategies and play them
Two-part Tariff Method of Pricing
Dominant strategy equilibrium
Differentiated oligopoly
Sequential-move game
28. The exclusive right to a product for a period of 20 years from the date the product is invented
Primary Sources of Monopolistic Power
Patent
Four-firm concentration ratio
Cutthroat Competition
29. Single firm is sole producer of a product for which there are no close substitutes
Equilibrium
Pure monopoly
Two-part Tariff Method of Pricing
Perfect Competition Long Run Supply
30. A representation of a game indicating the players - their possible strategies - and the payoffs resulting from alternative strategies
Undifferentiated
Ownership of a Key Input
Normal-form game
What is game?
31. Rules - strategies - payoffs - outcomes
Covert Collusion
Limit pricing
Payoff
What is game?
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
Monopolistic Competition
Sequential-move game
Kinked-demand curve
Prisoners' dilemma
33. Different units of a product are sold at different prices. Examples are buying in bulk - or - commodity-bundling
Credible threat
Present Value (PV)
Perfect Competition Long Run Supply
Second-Degree Price Discrimination
34. The actions by persons - firms - or unions to gain special benefits from government at taxpayer's or someone else's expense
Duopoly
Rent-seeking behavior
Imperfect competition
Patent
35. In game theory - a decision rule that describes the actions a player will take at each decision point
Strategy
Simultaneous-move game
Kinked-demand curve
Perfect Competition (characteristics)
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)
Strategic behavior
Kinked-demand curve
Product Differentiation
Four-firm concentration ratio
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
Sequential game
Interdependence
Competitive market
Price matching
38. Marginal cost curve above average variable cost - P* = SRMC
Cooperative equilibrium
Perfect Competition Short Run Supply
Payoff matrix
Network effects
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
Tacit collusion
Dansby-Willig performance index
Trigger strategy
Non-rivalrous consumption
40. A game that is played over and over again forever and in which players receive payoffs during each play of the game
Dominant strategy equilibrium
Indefinitely repeated game
Mixed (randomized) strategy
Simultaneous consumption
41. When something can be consumed without reducing the benefits available for subsequent consumption; can be consumed without supporting rivalry between consumers
Nash equilibrium
Cutthroat Competition
Fair return price
Non-rivalrous consumption
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
Sequential-move game
Mutual interdependence
Kinked-demand curve
Sweezy oligopoly
43. Occurs when a firm produces output - whatever its level - at a higher cost than is necessary to produce it
Inefficiency
Four-firm concentration ratio
Monopolistic Characteristics:
Perfect Competition Short Run Supply
44. An establishment firm commits to setting price below the profit-maximizing level to prevent entry
Price Leadership
Limit pricing
Credible threat
Inefficiency
45. Produce identical products
Pure monopoly
Perfect Competitor Characteristics
Economies of scale
Product differentiation
46. In game theory - a game that is played again sometime after the previous game ends
Natural Monopoly (local phone or electric company)
Repeated game
Rent-seeking behavior
Double marginalization
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
Bargaining Power of Suppliers
Merger
Cutthroat Competition
Prisoners' dilemma
48. Game in which one player makes a move after observing the other player's move
Contestable market
Randomized pricing
Competitive market
Sequential-move game
49. The smallest quantity at which the average cost curve reaches its minimum
Minimum efficient scale (full capacity)
Dominant strategy
Interdependence
Bargaining Power of Suppliers
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
Payoff table
Marginal Revenue
Rothschild index
Credible threat
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