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






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






4. 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






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






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






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






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






9. 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






10. 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






11. Steel - autos - colas - airlines






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






13. An oligopoly in which the firms produce a differentiated product






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






15. Toothpaste - shampoo - restaurants - banks






16. When a manager makes a noncooperative decision






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






18. Demand line is above ATC curve






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






20. Physical differences - Convenience - Ambience - Reputations - Appeals to vanity - Unconscious fears and desires - Snob appeal - Customized products






21. 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






22. Intense competition in which competitors cut retail prices to gain business--oligopolistic competition






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






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






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






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






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






28. Revenue-Costs






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






30. Each firm believes that if it raises its price - its competitors will not follow - but if it lowers its price all of its competitors will follow; -a model in which firms in an oligopoly match price cuts by other firms - but do not match price hike






31. Maximize economic profit by producing the quantity at which MC=MR






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






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






34. If buyers have enough bargaining power - they can insist on lower prices - higher-quality products - or additional services






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






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






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






38. The price that is low enough to deter entry






39. 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






40. 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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41. Produce identical products






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






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






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






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






46. A measure of market power - the percentage of all sales that is accounted for by the four or eight largest firms in the market






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






48. If production of a good requires a particular input - then control of that input can be a barrier to entry






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






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






Can you answer 50 questions in 15 minutes?



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