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Test your basic knowledge |
Business Competition
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Study First
Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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
Simultaneous decision games
Open Collusion
Simultaneous consumption
Interdependence
2. Game in which one player makes a move after observing the other player's move
Tacit collusion
Competitive market
Sequential-move game
Transfer pricing
3. The derivative of total revenue
Mutual Interdependence
Non-cooperative equilibrium
Marginal Revenue
Herfindahl-Hirschman index (HHI)
4. In game theory - game where parties make their moves in turn - one party making the first move followed by the other
Limit price
Sequential game
Disappearing invisible hand
Competitive market
5. The actions by persons - firms - or unions to gain special benefits from government at taxpayer's or someone else's expense
Rent-seeking behavior
Open Collusion
Kinked-demand curve
Payoff matrix
6. The practice of bundling several different products together and selling them at a single "bundle" price
Commodity bundling
Perfect Competition (characteristics)
Market Structure
Unbalanced Oligopoly
7. The competition for sales between the products of one industry and the products of another industry
Inter-industry competition
Payoff table
Concentration Ratio
Mutual interdependence
8. A strategy that guarantees the highest payoff given the worst possible scenario
Leader
Secure strategy
Finding profit for oligopoly games
Monopolistic Competition
9. Produce identical products
One-shot game
Perfect Competitor Characteristics
Transfer pricing
Profit
10. 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
Prisoners' dilemma
Mutual Interdependence
Price discrimination
Network effects
11. Revenue-Costs
Contestable market
Profit
Strategy
Cheating
12. (1) Economies of Scale; (2) Economies of Scope; (3) Cost Complementarity; and (4)Patents & Other Legal Barriers
Primary Sources of Monopolistic Power
Sequential game
Dominant firm oligopoly
Inefficiency
13. Toothpaste - shampoo - restaurants - banks
Second-Degree Price Discrimination
Price Leadership
Examples of Oligopoly
Examples of Monopolistic Competition
14. Takes Place inside the Mind of the consumer
Leader
Strategy
Cross-subsidy pricing
Product Differentiation
15. Pricing strategy in which a firm optimally sets the internal price at which an upstream division wells an input to a downstream division
Monopolistic Competition
Rent-seeking behavior
Transfer pricing
Perfect Competition Short Run Supply
16. The practice of charging different prices to consumers for the same good or service
Nonprime competition
Price discrimination
Equilibrium
Two-part pricing
17. A merger between firms who have a buyer/supplier relationship. Example: BF Goodrich merging with rubber plantations
Open Collusion
Vertical Merger
Dominant strategy equilibrium
Bargaining Power of Buyers
18. A situation in which neither firm has incentive to change its output given the other firm's output
What is game?
Socially optimal price
Horizontal Merger/Integration
Cournot equilibrium
19. Where a firm can charge different groups of consumers different prices for the same product. Example: student or senior discounts
Monopoly (characteristics)
Profit
Perfect Competitor Making a Profit
Third-degree price discrimination
20. In game theory - a statement of harmful intent easily dismissed by recipient because threat not considered believable
Kinked demand curve model
Empty threat
Rothschild index
Business strategy
21. All firms and individuals willing and able to buy or sell a particular product
Market
Payoff
Kinked demand curve model
Empty threat
22. Actions taken by a firm to achieve a goal - such as maximizing profits
Competitive market
What is game?
Nonprime competition
Business strategy
23. Price of a product that enables its producer to obtain a normal profit & that is equal to the ATC of producing it
Fair return price
Common knowledge
Unbalanced Oligopoly
Leader
24. A measure of the difference between price and marginal cost as a fraction of the product's price. L=(P-MC)/P - refactoring gives: P=MC(1/(1-L)) - which gives us the "1/(1-L)" markup factor
Lerner index
Randomized pricing
Concentration Ratio
Mixed (randomized) strategy
25. An establishment firm commits to setting price below the profit-maximizing level to prevent entry
Sequential-move game
Limit pricing
Cournot equilibrium
Cheating
26. In game theory - benefit obtained by party that moves first in a sequential game
What is game?
Imperfect competition
First-mover advantage
Kinked demand curve model
27. When the decisions of two or more firms significantly affect each others' profits
Interdependence
Extensive-form game
Dominant strategy equilibrium
Perfect Competition (characteristics)
28. An equilibrium in a game in which players do not cooperate but pursue their own self-interest
No cooperative equilibrium
Tacit collusion
Natural Monopoly (local phone or electric company)
Peak-load pricing
29. 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
Dansby-Willig performance index
Contestable market
Trigger strategy
Rent-seeking behavior
30. 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)
Simultaneous decision games
Open Collusion
Dominant strategy
Four-firm concentration ratio
31. Sellers can identify different types of customers and offer each a different price. Examples are special prices for students or the elderly
Interdependence
Third-Degree Price Discrimination
Tit-for-tat strategy
Unbalanced Oligopoly
32. 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
Mutual interdependence
Kinked-demand curve
Cross-subsidy pricing
Dominant strategy equilibrium
33. 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.)
Tacit collusion
Sequential-move game
Non-cooperative behavior
Monopolistic Characteristics:
34. In game theory - a decision rule that describes the actions a player will take at each decision point
Strategy
Payoff matrix
Finding profit for oligopoly games
Horizontal Merger/Integration
35. The reward received by a player in a game - such as the profit earned by an oligopolist
Open Collusion
Import competition
Payoff
Credible threat
36. An oligopoly in which the sales of the leading (top four) firms are distributed unevenly among them
Finding profit for oligopoly games
Unbalanced Oligopoly
Trigger strategy
Repeated game
37. Multiple firms make the same pricing decisions even though they have not explicitly consulted with each other
Market Structure
Implicit Collusion
Tacit collusion
Monopolistic Competition
38. Both players have dominant strategies and play them
Maximizing profit in Oligopoly games
Perfect Competition Long Run Supply
Dominant strategy equilibrium
Rent-seeking behavior
39. Simultaneous move game that is not repeated
Homogenous oligopoly
Perfect Competition (characteristics)
Subgame perfect equilibrium
One-shot game
40. 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
Marginal Revenue
Rothschild index
Monopoly (characteristics)
Payoff matrix
41. 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
Dansby-Willig performance index
Cooperative equilibrium
Perfect Competition Long Run Supply
42. 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 matrix
Mutual Interdependence
Limit pricing
Import competition
43. Anything that keeps new firms from entering an industry in which firms are earning economic profits (e.g. Ownership of a Key Input - Capital - Patents - Economies of scale)
Bargaining Power of Buyers
Barrier to entry
Conglomerate Merger
Import competition
44. Ignoring the effects of their actions on each others' profits
Duopoly
No cooperative equilibrium
Non-cooperative behavior
Differentiated oligopoly
45. A simpler way to operationalize first-degree price discrimination
Cutthroat Competition
Two-part Tariff Method of Pricing
Non-price competition
Double marginalization
46. Rules - strategies - payoffs - outcomes
Implicit Collusion
Ownership of a Key Input
Pure monopoly
What is game?
47. Identical or substitutable
Credible threat
Cheating
Undifferentiated
Perfect Competition Long Run Supply
48. Price Sensitive
High Price Elasticity
Third-degree price discrimination
Mutual Interdependence
Stackelberg oligopoly
49. When firms limit production and raise prices in a way that raises each others' profits - even though they have not made any formal agreement
Tacit collusion
Fair return price
Common knowledge
Two-part Tariff Method of Pricing
50. Different units of a product are sold at different prices. Examples are buying in bulk - or - commodity-bundling
Non-price competition
Second-Degree Price Discrimination
Vertical Merger
Fair return price
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