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5 Written questions

5 Matching questions

  1. Unbalanced Oligopoly
  2. Payoff Matrix
  3. Brand Multiplication
  4. Price Discrimination
  5. Nash Equilibrium
  1. a A table that shows the payoffs that each firm earns from every combination of strategies by the firms.
  2. b Any combination of strategies in which each players' strategy is his or her best choice, given the other players' strategies.
  3. c Offering specific goods or services at different prices to different segments of the market. Example: First class versus business class on airlines.
  4. d An oligopoly in which the sales of the leading (top four) firms are distributed unevenly among them.
  5. e Variations on one good so that a firm can increase market share.

5 Multiple choice questions

  1. A particular "game" between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial to do so.
  2. A group of firms that collude to limit competition in a market by negotiating and accepting agreed-upon prices and market shares.
  3. A combination of two or more companies into one company.
  4. A measure of market power - the percentage of all sales that is accounted for by the four or eight largest firms in the market
  5. A pricing strategy in game theory in which firms continue to match each others' pricing strategy.

5 True/False questions

  1. Vertical MergerA merger between firms who have a buyer/supplier relationship. Example: BFGoodrich merging with rubber plantations.

          

  2. Price LeadershipA firm whose price decisions are tacitly accepted and followed by others in the industry.

          

  3. Joint VentureThe dominate firm in the oligopoly, whose pricing decisions are tacitly followed. The Godfather is the price leader.

          

  4. CollusionA group of firms that collude to limit competition in a market by negotiating and accepting agreed-upon prices and market shares.

          

  5. Game TheoryThe theory that studies decision making in situations in which one player anticipates the reactions of other players to its own actions. Firms are mutually interdendent.

          

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