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5 Written questions

5 Matching questions

  1. Concentration Ratio
  2. Godfather
  3. Cartel
  4. Tit-for-Tat Strategy
  5. Prisoners' Dilemma
  1. a A measure of market power - the percentage of all sales that is accounted for by the four or eight largest firms in the market
  2. b A group of firms that collude to limit competition in a market by negotiating and accepting agreed-upon prices and market shares.
  3. c A particular "game" between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial to do so.
  4. d The dominate firm in the oligopoly, whose pricing decisions are tacitly followed. The Godfather is the price leader.
  5. e A pricing strategy in game theory in which firms continue to match each others' pricing strategy.

5 Multiple choice questions

  1. Any combination of strategies in which each players' strategy is his or her best choice, given the other players' strategies.
  2. 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
  3. A combination of two or more companies into one company.
  4. Variations on one good so that a firm can increase market share.
  5. An oligopoly in which the sales of the leading (top four) firms are distributed unevenly among them.

5 True/False questions

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

          

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

          

  3. Price LeadershipA merger between firms who have a buyer/supplier relationship. Example: BFGoodrich merging with rubber plantations.

          

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

          

  5. CollusionAn agreement among firms in a market about quantities to produce or prices to charge in attempts to limit competition.

          

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