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BEC > ECON > Flashcards

ECON Flashcards

1
Q

Large buyers/sellers
homogeneous (identical)
easy to enter/leave

A

Perfect Competition

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2
Q 
1 seller
unique product (no sub)
restricted entry
A

Perfect Monopoly

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3
Q

Large # sellers
differentiated (close subs)
easy to enter/leave

A

Monopolistic Competition

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4
Q

Few Sellers
similar or differentiated
Restricted Entry

A

Oligopoly

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5
Q

price taker
straight horizontal demand curve
SR: MR=MC
LR: No profits

A

Perfect Competition

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6
Q

Negative Demand Curve
SR: MR=MC
LR: profit if chg size of ops/advertising

A

Perfect Monopoly

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7
Q

SR: MR=MC
Negative demand curve
highly elastic (close subs)
Profit if ATC

A

Monopolistic Competition

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8
Q 
price war
kinked curve
overt collusion
tacit collusion
LR Profits: AT>ATC
A

Oligopoly

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9
Q

Perfectly Elastic Demand Curve

A

Perfect Competition

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10
Q

Pricing decisions are interdependent

A

Oligopoly

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11
Q

Employ public relations or lobbying

A

Perfect Monopoly

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12
Q

avoid price competition

A

Oligopoly

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13
Q

Least likely to invest in brand development

A

Perfect Competition

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14
Q

Most likely to use price discrimination to gain SR profits

A

Perfect Monolopy

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15
Q

Least likely to do extensive advertising

A

Perfect Competition (same product)

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16
Q

Most likely to do brand research, development and advertising

A

Monopolistic Comp

17
Q

Company can produce goods more efficiently with fewer resources

A

Absolute Advantage

18
Q

Entity has ability to produce goods at a lower opportunity cost than another company

A

Comparative Advantage

19
Q

Sale of product to foreign market lower than domestic market

A

Dumping

20
Q

Right to sell specific security at a fixed conditions of price and time

A

PUT

21
Q

Right to buy in the future, call option, ex. American importer will pay British supplier in 3 mos

A

CALL

22
Q

Porter’s five forces

A

New Competition, bargaining power of customers, bargaining power of suppliers, threat of substitution, rivalry

23
Q

Porter’s three generic strategies

A

Focus, cost leadership, product differentiation

24
Q

Collecting data about all segments of the business

A

Scanning

25
Q

SMART

A

Specific, Measurable, Attainable, Relevant, Time bound

BEC (5 decks)

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