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5 Written questions

5 Matching questions

  1. Game Theory
  2. Godfather
  3. Mutual Interdependence
  4. Concentration Ratio
  5. Prisoners' Dilemma
  1. a 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
  2. b The dominate firm in the oligopoly, whose pricing decisions are tacitly followed. The Godfather is the price leader.
  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 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. e 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.

5 Multiple choice questions

  1. An oligopoly in which the sales of the leading (top four) firms are relatively balanced among them.
  2. A 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.
  3. A merger between firms who have a buyer/supplier relationship. Example: BFGoodrich merging with rubber plantations.
  4. A merger of firms in unrelated industries. Example: If Purina Dow Chow merged with Pampers Diaper Company.
  5. A merger between two firms in the same industry. Example: 2004 K-Mart merged with Sears

5 True/False questions

  1. Nash EquilibriumA table that shows the payoffs that each firm earns from every combination of strategies by the firms.

          

  2. Tit-for-Tat StrategyA pricing strategy in game theory in which firms continue to match each others' pricing strategy.

          

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

          

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

          

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