1-8 Competition Review

Pizza Hut and Dominos are examples of:

• monopolies

• primary data

• direct competition

• indirect competition

If someone were to purchase a ticket for a bus ride from Nashville, TN to Tampa, FL, the bus company would be considered _________________ for airlines.

• indirect competition

• direct competition

• bargaining power of suppliers

• bargaining power of buyers

One benefit of a competitive analysis is to better understand:

• your strengths and weaknesses

• your suppliers’ intellectual property (I.P.)

• your competitors’ strengths and weaknesses

• government regulations

When conducting a competitive analysis, what would “industry publications” and “press releases” be considered as:

• direct competition

• indirect competition

• primary data

• secondary data

When conducting a competitive analysis, what would price surveys that your company conducts be considered as:

• primary competition

• primary data

• indirect competition

• secondary data

When one company controls the supply of a good or service, where other options for consumers aren't readily available, and where the barriers to entry for other companies are highly restrictive, this is called a/an:

• monopoly

• oligopoly

• monopolistic competition

• non-price competition

Consumers have the most buying power with this type of market model.

• pure competition

• price competition

• oligopoly

• monopolistic competition

When a small number of companies control the supply of a good or service, and where the barriers to entry for other companies are highly restrictive, it is called:

• non-price competition

• monopolistic competition

• an oligopoly

• a monopoly

When there are many suppliers, and barriers to entry are low, but suppliers try to differentiate their products and gain some price advantage, this is called:

• pure competition

• monopolistic competition

• an oligopoly

• a price competition

The U.S. economy is built on the economic system called ___________.

• privately-owned

• innovation

• direct competition

• capitalism