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Business Competition
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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study here
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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 strategy that guarantees the highest payoff given the worst possible scenario
Secure strategy
Nonprime competition
Stackelberg oligopoly
Cooperative equilibrium
2. A measure of market power - the percentage of all sales that is accounted for by the four or eight largest firms in the market
Price discrimination
Concentration Ratio
Strategic behavior
Differentiated oligopoly
3. Competition based on factors that are not related to price - such as product quality - service and financing - business location - and reputation
Import competition
Extensive-form game
Nonprime competition
Joint Venture
4. In game theory - benefit obtained by party that moves first in a sequential game
Joint Venture
Marginal Revenue
Perfect Competition Barriers to Entry
First-mover advantage
5. The competition for sales between the products of one industry and the products of another industry
Sweezy oligopoly
Economies of scale
Inter-industry competition
Competitive market
6. A condition describing a set of strategies that constitutes a Nash equilibrium and allows no player to improve their own payoff at any stage of the game by changing strategies
Kinked-demand curve
Perfect Competition Barriers to Entry
Subgame perfect equilibrium
Perfect Competitor Characteristics
7. The exclusive right to a product for a period of 20 years from the date the product is invented
Patent
Four-firm concentration ratio
Two-part pricing
Rent-seeking behavior
8. 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
Import competition
Profit
Mutual Interdependence
Perfect Competition Barriers to Entry
9. In game theory - a statement of harmful intent easily dismissed by recipient because threat not considered believable
Bargaining Power of Suppliers
Empty threat
Import competition
Business strategy
10. Simultaneous move game that is not repeated
One-shot game
Disappearing invisible hand
Examples of Oligopoly
Interdependence
11. All firms and individuals willing and able to buy or sell a particular product
Rothschild index
Dominant strategy equilibrium
Market
Perfect Competition Long Run Supply
12. A combination of two or more companies into one company
Present Value (PV)
Common knowledge
Merger
Trigger strategy
13. 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
Market
Two-part pricing
Payoff
One-shot game
14. A game that is played over and over again forever and in which players receive payoffs during each play of the game
Indefinitely repeated game
Non-rivalrous consumption
Follower
Merger
15. Occurs when a firm produces output - whatever its level - at a higher cost than is necessary to produce it
Undifferentiated
Dominant strategy
Disappearing invisible hand
Inefficiency
16. A strategy whereby a player randomizes over two or more available actions in order to keep rivals from being able to predict his action
The Threat from Potential Entrants Firms
Second-Degree Price Discrimination
Monopoly (characteristics)
Mixed (randomized) strategy
17. 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
Contestable market
Bargaining Power of Buyers
Block pricing
Vertical Merger
18. 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.)
Monopolistic Characteristics:
Two-part pricing
Normal-form game
Competitive market
19. Pricing strategy in which a firm intentionally varies its price in an attempt to "hide" price information from consumers and rivals
Randomized pricing
No cooperative equilibrium
Credible threat
High Price Elasticity
20. Face competition from companies that currently are not in the market but might enter
Payoff
The Threat from Potential Entrants Firms
Nonprime competition
Leader
21. An agreement among firms in a market about quantities to produce or prices to charge in attempts to limit competition
Payoff
Collusion
Oligopoly
Payoff matrix
22. 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
Perfect Competition Short Run Supply
Competitive market
Collusion
Disappearing invisible hand
23. The practice of charging different prices to consumers for the same good or service
Price discrimination
Undifferentiated
Empty threat
Merger
24. In game theory - a statement of harmful intent by one party that the other party views as believable-- "if you do this - we will do that"
Interdependence
Credible threat
Mixed (randomized) strategy
Profit
25. 2 firms - simplest case in an oligopoly. Profits higher if limiting their production
Duopoly
Peak-load pricing
Rothschild index
Open Collusion
26. An establishment firm commits to setting price below the profit-maximizing level to prevent entry
Limit pricing
Covert Collusion
Collusion
Stackelberg oligopoly
27. The price that is low enough to deter entry
Monopoly (characteristics)
Limit price
No cooperative equilibrium
Payoff
28. Pricing strategy in which a firm optimally sets the internal price at which an upstream division wells an input to a downstream division
Examples of Oligopoly
Trigger strategy
Non-price competition
Transfer pricing
29. A representation of a game indicating the players - their possible strategies - and the payoffs resulting from alternative strategies
Bargaining Power of Buyers
Duopoly
Normal-form game
Credible threat
30. The actions by persons - firms - or unions to gain special benefits from government at taxpayer's or someone else's expense
Price war
Import competition
Examples of Monopolistic Competition
Rent-seeking behavior
31. A situation in which all decision makers know the payoff table - and they believe all other decision makers also know the payoff table
Trigger strategy
Simultaneous decision games
What is game?
Common knowledge
32. 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)
Implicit Collusion
What is game?
Peak-load pricing
Four-firm concentration ratio
33. 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
Dominant firm oligopoly
Peak-load pricing
Open Collusion
Monopolistic Competition
34. Price Sensitive
Maximizing profit in Oligopoly games
Reservation Price
Product differentiation
High Price Elasticity
35. In game theory - game where parties make their moves in turn - one party making the first move followed by the other
Cournot equilibrium
Sequential game
Tit-for-tat strategy
Undifferentiated
36. Game in which one player makes a move after observing the other player's move
Sequential-move game
Monopolistic Competition
Network effects
First-Degree Price Discrimination (Perfect)
37. 1/(1+i)n
Import competition
Undifferentiated
Present Value (PV)
Four-firm concentration ratio
38. Sets the price at the highest level that is consistent with keeping the potential entrant out. -The strategy of reducing the price to deter entry
Payoff table
Limit pricing
Fair return price
Prisoner's dilemma
39. 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
Present Value (PV)
Simultaneous-move game
Brand Multiplication
Rothschild index
40. The practice of bundling several different products together and selling them at a single "bundle" price
Double marginalization
Conglomerate Merger
Commodity bundling
Non-price competition
41. 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
Price discrimination
Simultaneous decision games
High Price Elasticity
Bargaining Power of Suppliers
42. 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
Import competition
Conglomerate Merger
Concentration Ratio
Sweezy oligopoly
43. An attempt by a firm to convince buyers that its product is different from the products of other firms in the industry
Product differentiation
Simultaneous decision games
Business strategy
Pure monopoly
44. The physical characteristics of the market within which firms interact
Pure monopoly
Repeated game
Market Structure
First-mover advantage
45. 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)
Leader
Maximizing profit in Oligopoly games
Price discrimination
46. Steel - autos - colas - airlines
Examples of Oligopoly
Present Value (PV)
Credible threat
Mutual Interdependence
47. When a manager makes a noncooperative decision
Cheating
Fair return price
What is game?
Mutual interdependence
48. Demand line is above ATC curve
Oligopoly
Brand Multiplication
Perfect Competitor Making a Profit
Extensive-form game
49. When an upstream divisions leverages "monopoly like" power to charge higher marginal cost to a downstream division - resulting in failure of the firm to optimize profits based on the wrong quantity decision at the firms level
Sequential game
Double marginalization
Differentiated oligopoly
Patent
50. Rival who sets its output after the leader (Stackelberg's model)
Follower
Cooperation
Monopoly (characteristics)
Cooperative equilibrium
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