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5 Written questions

5 Matching questions

  1. Conglomerate Merger
  2. Concentration Ratio
  3. Cartel
  4. Collusion
  5. Payoff Matrix
  1. a A group of firms that collude to limit competition in a market by negotiating and accepting agreed-upon prices and market shares.
  2. b A merger of firms in unrelated industries. Example: If Purina Dow Chow merged with Pampers Diaper Company.
  3. c A table that shows the payoffs that each firm earns from every combination of strategies by the firms.
  4. d An agreement among firms in a market about quantities to produce or prices to charge in attempts to limit competition.
  5. e 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 Multiple choice questions

  1. Offering specific goods or services at different prices to different segments of the market. Example: First class versus business class on airlines.
  2. The demand curve faced by an oligopolist. The curve is more elastic when the firm raises its price than when it lowers its price.
  3. A pricing strategy in game theory in which firms continue to match each others' pricing strategy.
  4. 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
  5. Any combination of strategies in which each players' strategy is his or her best choice, given the other players' strategies.

5 True/False questions

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

          

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

          

  3. Vertical MergerA merger between two firms in the same industry. Example: 2004 K-Mart merged with Sears

          

  4. GodfatherThe dominate firm in the oligopoly, whose pricing decisions are tacitly followed. The Godfather is the price leader.

          

  5. Brand MultiplicationOffering specific goods or services at different prices to different segments of the market. Example: First class versus business class on airlines.

          

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