Question Question 45 Which of the following markets are closest to perfectly com

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Question Question 45 Which of the following markets are closest to perfectly competitive? a. ?The market for smart phones b. ?The market for generic pharmaceuticals c. ?The market for fast food d. ?The market for sport shoes 1 points Question 46 ?Apple has continued to be innovative to ensure that the demand for its products stays or becomes a. ?More inelastic b. ?More elastic c. ?Unitary elastic d. ?None of the above 1 points Question 47 ?A software design company wants to pursue a platform strategy. Which of the following strategies is the firm likely to want to adopt? a. ?Focus on softening rivalry b. ?Encourage complementary innovation c. ?Encourage substitute innovation d. ?All of the above 1 points Question 48 ?Even if there are significant barriers to entry, firms may not be highly profitable a. ?Substitute product offerings among rivals b. ?The ability of consumers to switch to substitute products easily c. ?All of the above d. ?None of the above 1 points Question 49 ?Firms have a competitive advantage when a. ?They can deliver the same product benefits as their competitors but at a lower cost b. ?They can deliver superior product at a similar cost c. ?Both of the above d. ?None of the above 1 points Question 50 ?Porter’s five forces portray a. ?A zero-sum game b. ?A game where your profitability comes at the expense of someone else’s c. ?The ability of market participants to create a larger total pie d. ?Only A&B 1 points Question 51 ?Strategy is a. ?The art of matching the resources and capabilities of a firm to the opportunities and risks in its environment b. ?Developing a resource for the company that is both rare and valuable to create competitive advantage c. ?Making sure that the resource developed is non-fungible to create a sustainable advantage d. ?All of the above 1 points Question 52 ?To stay one step ahead of the forces of competition, a firm can adopt any one of these strategies except a. ?Operating where marginal benefits equal marginal costs b. ?Product differentiation c. ?Cost reduction d. ?Develop non-fungible valuable resources 1 points Question 53 ?Which of the following can a firm use to reduce competition in the market? a. ?Locking in customers to long term contracts b. ?Seek an exclusive government contract c. ?Acquire patents d. ?All the above 1 points Question 54 ?Which of the following could potentially capture the value created in a market a. ?Suppliers b. ?Industry rivals c. ?Buyers d. ?All of the above 1 points Question 55 ?Which of the following is more likely to be able to command a higher price for its products a. ?A specialty frozen yogurt producer, with high quality product b. ?A mall kiosk selling costume jewelry c. ?A specialty toy store that allows customers to self-design teddy bears d. ?Both A&C 1 points Question 56 ?The resource based perspective indicates that firms exhibit different performances within the same industry because a. ?Some firms sell goods that have a more elastic demand b. ?Some firms sell goods that have a perfectly elastic demand c. ?Some firms have organizational structures that can be duplicated d. ?Some firms have better resources than others Question 58 You operate a small poultry farm in east Texas. You sell most of your output through a regional distributor of poultry products in the area. In this case, you are subject to? a. ?Low buyer power b. ?High buyer power c. ?No buyer power d. ?All of the above Question 60 For a resource to be able to generate temporary competitive advantage over rivals, it must be? a. ?Valuable b. ?Rare c. ?Not valuable but rare d. ?Valuable and rare Question 62 ?Which of the following is the foundation for success for a company facing competition a. ?Create an advantage over the competition b. ?Protect the advantage created over the competition c. ?Create and protect advantages over the competition d. ?None of the above 1 points Question 63 All of the following are examples of entry barriers, except? a. ?Government protection through patents or licensing requirements b. ?Lower costs driven by economies of scale c. ?Low capital requirements for entry d. ?Strong brands 1 points Question 64 ?Which of the following makes a firm’s resources hard to imitate? a. ?They don’t flow from the firm’s unique history b. ?The link between resources and advantages is difficult to discern c. ?They aren’t socially complex d. ?All of the above 1 points Question 65 In the IO perspective, it is important to enter an industry with? a. ?High barriers to entry b. ?Low buyer power c. ?Low supplier power d. ?All of the above

Explanation / Answer

45 Which of the following markets are closest to perfectly competitive?

Solution: The market for fast food

Explanation: Perfect competition occurs when there are many small firms selling identical products

46. Apple has continued to be innovative to ensure that the demand for its products stays or becomes

Solution: more inelastic

Explanation: The more inelastic the good, the more company can earn revenue

47. A software design company wants to pursue a platform strategy. Which of the following strategies is the firm likely to want to adopt?

Solution: Encourage complementary innovation

Explanation: To pursue a platform strategy the software design company will promote complementary innovation

48. Even if there are significant barriers to entry, firms may not be highly profitable

Solution: All of the above

Explanation: Although when there are barriers to entry there mat be an ability of consumers to switch to substitute products and competitors may offer substitute product

49. Firms have a competitive advantage when

Solution: Both of the above

Explanation: . ?Firms holds competitive advantage when can deliver similar or superior product at a same price

50. Porter’s five forces portray

Solution: Only A&B

Explanation: Porter’s five forces portray zero-sum game and market participant’s ability for creating a big total pie

51. Strategy is a

Solution: All of the above

Explanation: Strategy can be defined as a art of developing, matching the resources to create a sustainable advantage

52. To stay one step ahead of the forces of competition, a firm can adopt any one of these strategies except

Solution: Operating where marginal benefits equal marginal costs

Explanation: When MR = MC, the firm maximizes its profits thus cannot stay one step ahead of the forces of competition

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