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5 Written questions

5 Matching questions

  1. Prisoners' Dilemma
  2. Merger
  3. Balanced Oligopoly
  4. Brand Multiplication
  5. Conglomerate Merger
  1. a Variations on one good so that a firm can increase market share.
  2. b A combination of two or more companies into one company.
  3. c A merger of firms in unrelated industries. Example: If Purina Dow Chow merged with Pampers Diaper Company.
  4. d An oligopoly in which the sales of the leading (top four) firms are relatively balanced among them.
  5. e A particular "game" between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial to do so.

5 Multiple choice questions

  1. A merger between firms who have a buyer/supplier relationship. Example: BFGoodrich merging with rubber plantations.
  2. The 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.
  3. An oligopoly in which the sales of the leading (top four) firms are distributed unevenly among them.
  4. A group of firms that collude to limit competition in a market by negotiating and accepting agreed-upon prices and market shares.
  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. Tit-for-Tat StrategyA merger between two firms in the same industry. Example: 2004 K-Mart merged with Sears

          

  2. Nash EquilibriumAny combination of strategies in which each players' strategy is his or her best choice, given the other players' strategies.

          

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

          

  4. Joint VentureA business arrangement in which two or more firms undertake a specific economic activity together. Once the activity is over, the firms go their own way.

          

  5. Mutual InterdependenceA business arrangement in which two or more firms undertake a specific economic activity together. Once the activity is over, the firms go their own way.

          

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