Business Competition
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Business Competition
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25 Questions

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

2. A strategy whereby a player randomizes over two or more available actions in order to keep rivals from being able to predict his action

3. Specific assets - Economies of scale - Excess capacity - Reputation effects

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

5. Involves price-fixing

6. When managers are able to charge each consumer their reservation price. Examples are car and home sales

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

8. A representation of a game that summarizes the players - the information available to them at each stage - the strategies available to them - the sequence of moves - and the payoffs resulting from alternative strategies

9. 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

10. An index of market concentration. Sum of squared market shares of all the firms in the industry times 10K HHI=10 - 000?wi2

11. 2 firms - simplest case in an oligopoly. Profits higher if limiting their production

12. A strategy or action that always provides the best outcome no matter what decisions rivals make

13. Face competition from companies that currently are not in the market but might enter

14. 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

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

16. 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

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

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

19. When firms make decisions that make every firm better off than in a noncooperative Nash equilibrium

20. A situation in which no one wants to change his or her behavior

21. 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)

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

23. Pricing strategy in which identical products are packaged together in order to enhance profits by forcing customers to make an all-or-none decision to purchase

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

25. A strategy in which a firm advertises a price and a promise to match any lower prices offered by a competitor

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