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






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






3. The derivative of total revenue






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






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






6. The practice of bundling several different products together and selling them at a single "bundle" price






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






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






9. Produce identical products






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






11. Revenue-Costs






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






13. Toothpaste - shampoo - restaurants - banks






14. Takes Place inside the Mind of the consumer






15. Pricing strategy in which a firm optimally sets the internal price at which an upstream division wells an input to a downstream division






16. The practice of charging different prices to consumers for the same good or service






17. A merger between firms who have a buyer/supplier relationship. Example: BF Goodrich merging with rubber plantations






18. A situation in which neither firm has incentive to change its output given the other firm's output






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






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






21. All firms and individuals willing and able to buy or sell a particular product






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






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






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






25. An establishment firm commits to setting price below the profit-maximizing level to prevent entry






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






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






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






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






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)






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






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






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.)






34. In game theory - a decision rule that describes the actions a player will take at each decision point






35. The reward received by a player in a game - such as the profit earned by an oligopolist






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






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






38. Both players have dominant strategies and play them






39. Simultaneous move game that is not repeated






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






41. A pricing strategy in which profits gained from the sale of one product are used to subsidize sales of a related product






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






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)






44. Ignoring the effects of their actions on each others' profits






45. A simpler way to operationalize first-degree price discrimination






46. Rules - strategies - payoffs - outcomes






47. Identical or substitutable






48. Price Sensitive






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






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







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