Business Competition
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Business Competition
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25 Questions

1. Both players have dominant strategies and play them

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

3. 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

4. A few firms produce most market output - Products may or may not be differentiated - Effective entry barriers protect firm profitability - Firm interdependence requires strategic thinking

5. 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)

6. A situation where one firm is able to provide a service at a lower cost than could several competing firms

7. Involves price-fixing

8. A situation in which competing firms must make their individual decisions without knowing the decisions of their rivals

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

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

11. When no one firm has a monopoly - but producers nonetheless realize that they can affect market prices. Firms compete but possess market power

12. Revenue-Costs

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

14. 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

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

16. The players end up worse off than they would if they were able to cooperate; -the pursuit of self-interest does not promote the social interest in these games

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

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

20. The exclusive right to a product for a period of 20 years from the date the product is invented

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

22. Nash equilibrium - the result when each player in a game chooses the action that maximizes his or her payoff given the actions of other players - ignoring the effects of his or her action on the payoffs received by those players (when you confess w

23. Identical or substitutable

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

25. When a manager makes a noncooperative decision

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