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5 Written questions

5 Matching questions

  1. Nash Equilibrium
  2. Cartel
  3. Payoff Matrix
  4. Tit-for-Tat Strategy
  5. Price Leadership
  1. a A pricing strategy in game theory in which firms continue to match each others' pricing strategy.
  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 Any combination of strategies in which each players' strategy is his or her best choice, given the other players' strategies.
  4. d A firm whose price decisions are tacitly accepted and followed by others in the industry.
  5. e A table that shows the payoffs that each firm earns from every combination of strategies by the firms.

5 Multiple choice questions

  1. 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. 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. Variations on one good so that a firm can increase market share.
  4. An oligopoly in which the sales of the leading (top four) firms are relatively balanced among them.
  5. An agreement among firms in a market about quantities to produce or prices to charge in attempts to limit competition.

5 True/False questions

  1. MergerA combination of two or more companies into one company.

          

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

          

  3. Price DiscriminationVariations on one good so that a firm can increase market share.

          

  4. Conglomerate MergerA merger of firms in unrelated industries. Example: If Purina Dow Chow merged with Pampers Diaper Company.

          

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

          

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