In-Class Review Questions 1 Flashcards
Which framework is defined as increase in labor productivity from an increase in production
Learning curve effects
An example of price discrimination at a movie theatre might be
student discount
In the long-run, greater elasticity of supply because
Suppliers increase capacity and new entrants join the market
Two generic approaches to gaining competitive advantage
low cost, differentiation
Honda has a mass-production, mass market, ____ approach for success with motorcycles in US
low-cost
__ ___ is the forgone alternatives
opportunity costs
Operational effectiveness is performing __ ___ better than the competition
similar activities
Warren Buffet describes barriers to entry as an economic ___
moat
In supply chain, one person’s price is another person’s ___
cost
___ often try to imitate success without making necessary tradeoffs, and fail
straddlers
where are the majority of profits in the CSD industry?
concentrate producers
industry structure is quite ___ over time; tells a great deal about the business environment
stable
porter’s 5 forces is useful in analyzing ___
industry profitability
which of the following creates a high barrier to entry?
high learning curve
___ is the most visible competitive force
competitive rivalry
