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Managerial Economics > midterm > Flashcards

midterm Flashcards

1
Q

every industry or market has (3)

A

time
product
geographic dimensions

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2
Q

if your firms success or profitability is closely linked to profitability of your primary industry

A

demand and supply analysis

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3
Q

movement along the demand curve indicates “quantity demanded” increased

A

shift in demand

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4
Q

only one factor that affects demand

A

price

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5
Q

affect demand but can control by company

A

controllable factor

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6
Q

can manipulate controllable factor

A

firm

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7
Q

something thet affect demand that a company cannot control

A

uncontrollable factor

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8
Q

at a given price, more quantity demanded

A

demand increase

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9
Q

describe the behavior of a group of seller

A

supply curve

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10
Q

price at which quantity supplied equally quantity demanded

A

market equilibrium

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11
Q

increase in income

A

increase in demand

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12
Q

increase in price of a substitute

A

decrease in price of a complement

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13
Q

describe seller in a competitive market

A

market supply

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14
Q

describe buyer behavior

A

market demand

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15
Q

increase/decrease in demand

A

increase/decrease in supply

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16
Q

way that various industries are classified and differentiated

A

market structure

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17
Q

4 types of market structure

A

perfect competition
oligopolistic market
monopolistic market
monopolistic competition

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18
Q

price have fully adjusted to production cost

A

long-run equilibrium

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19
Q

ability of assets to move from lower to higher valued uses

A

indifference principle

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20
Q

difference in wages

A

compensating wage differentials

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21
Q

firm can earn positive profit

A

monopoly

22
Q

economic perspective locates the source of advantage at the industry level

A

industrial organization

23
Q

locates it at the individual firm level

A

resource based view

24
Q

the best industries are characterized by (5)

A

low buyer power
low supplier power
low threat from substitute
low threat of entity
low level of rivalry between existing firm

25
Q

group of firm producing products

A

industry

26
Q

cmeo

A

chief managerial economics officer

27
Q

3 basic strategies

A

cost reduction
product differentiation
reduction in competitive intensity

28
Q

assumes that industry structure is the most important

A

industrial organization

29
Q

framework for analyzing the attractiveness of an industry

A

five forces model

30
Q

art of matching resources

A

strategy

31
Q

help domestic supplier and foreign customer

A

currency devaluation

32
Q

economies of the developed world experienced steady growth

A

great moderation

33
Q

similar to long run relationship

A

purchasing power parity

34
Q

exporters could make money by buying the good in one country

A

arbitrage

35
Q

prices determined by supply and demand

A

exchange rate

36
Q

set a range of standard price

A

price shemes

37
Q

sale of one product

A

cannibalizing

38
Q

reduce cannibalizing

A

repositioning

39
Q

lrmr

A

long run marginal revenue

40
Q

lrmc

A

long run marginal cost

41
Q

when demand is difficult to predict

A

revenue management

42
Q

minimize the expected cost

A

optimal price

43
Q

marketing tactics involved paying for space to promote a product

A

advertising

44
Q

scale strategy in which brand temporarily reduce the price

A

promotional pricing

45
Q

strategy that uses pricing to influence a customers spending

A

psychological pricing

46
Q

third degree price discrimination

A

direct price discrimination

47
Q

price discrimination is more profitable

A

low marginal cost/with less elasticity demand

48
Q

allow people in countries with higher drug

A

reimportation/ parallel trade

49
Q

we can identify members

A

direct price discrimination

50
Q

we cannot perfectly identify the two groups

A

indirect price discrimination

51
Q

tension in the law about the effects of price discrimination

A

robinson patman act

Managerial Economics (4 decks)

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