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Business Competition
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Business Competition
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25 Questions

1. Produce identical products

2. The derivative of total revenue

3. A combination of two or more companies into one company

4. 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)

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

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

7. Single seller in an industry - Strong barriers to entry - Profit maximization - faces market demand and sets MR=MC - Unexploited gains from trade

8. A representation of a game indicating the players - their possible strategies - and the payoffs resulting from alternative strategies

9. Operates like the alleged Mafia. Region division of the market among the firms in the industry

10. Pricing strategy in which higher prices are charged during peak hours than during off-peak hours

11. The price that is low enough to deter entry

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

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

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

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

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

17. Toothpaste - shampoo - restaurants - banks

18. One large firm that has a significant cost advantage over many other - smaller competing firms; -the large firm operates as a monopoly: setting price and output to maximize profit; -the small firms act as perfect competitors: taking as given the mar

19. Actions taken by firms to plan for and react to competition from rival firms

20. A firm whose price decisions are tacitly accepted and followed by others in the industry

21. The competition that domestic firms encounter from the products and services of foreign producers

22. 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

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

24. Identical or substitutable

25. A table that shows the payoffs for every possible action by each player for every possible action by the other player

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