The process of anticipating rivals’ actions in order to both revise a firm’s plan and prepare to deal with rivals’ response is called _____.
2."People of the same trade seldom meet together, even for merriment and diversion, but their conversation often ends in a conspiracy against the public." This quote from Adam Smith is referring to which of the following business relationship terms?
3.Which of the following is a theory that studies the interactions between two parties that compete and/or cooperate with each other?
4._____ occurs when firms engage the same rivals in numerous markets.
5.The price leader’s _____ is defined as sufficient resources possessed to deter and combat defection.
a.capacity to collude
b.capacity to imitate
c.capacity to punish
d.capacity to compete
6.Which of the following industrial characteristics makes a collusion difficult but leads to competition?
a.Existence of few firms in the industry
b.Existence of an industry price leader
c.Lack of market commonality
d.High barriers of entry
7.Which of the following industry characteristics contributes to collusion?
a.Existence of an industry price leader
b.Existence of many firms in the market
c.Low barriers to entry
d.Lack of market commonality
8.The percentage of total industry sales accounted for by the top firms is called:
d.barriers to entry.
9.A price leader is a firm that ____ in the industry.
a.sets the highest prices and has a low market share
b.sets the lowest prices
c.sets acceptable prices and has a dominant market share
d.sets the globally consistent price
10.Which of the following is defined as the degree of overlap between two rivals’ markets?
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