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5 Written questions

5 Matching questions

  1. Balanced Oligopoly
  2. Payoff Matrix
  3. Prisoners' Dilemma
  4. Brand Multiplication
  5. Godfather
  1. a A particular "game" between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial to do so.
  2. b The dominate firm in the oligopoly, whose pricing decisions are tacitly followed. The Godfather is the price leader.
  3. c A table that shows the payoffs that each firm earns from every combination of strategies by the firms.
  4. d Variations on one good so that a firm can increase market share.
  5. e An oligopoly in which the sales of the leading (top four) firms are relatively balanced among them.

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 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. Any combination of strategies in which each players' strategy is his or her best choice, given the other players' strategies.
  4. 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.
  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. CartelA group of firms that collude to limit competition in a market by negotiating and accepting agreed-upon prices and market shares.

          

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

          

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

          

  5. Price LeadershipA 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.