Indifference curve indications limited

Question 1

1.       The steepness (slope) of an indifference curve indicates which of the following?

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[removed] A. The tradeoff a consumer is willing to make between price and quality
[removed] B. The change in price holding product benefit constant
[removed] C. The change in benefit holding price constant
[removed] D. The tradeoff between consumer surplus and producer surplus
[removed] E. None of the above

3.5 points   

Question 2

1.       Which of the following conditions does not tend to heat up price competition?

[removed] A. Many sellers in the market
[removed] B. Products are differentiated/buyers have high switching costs
[removed] C. The industry is stagnant or declining
[removed] D. Some firms have excess capacity
[removed] E. There are large/infrequent sales orders

3.5 points   

Question 3

1.       In which of the following ways can entry erode incumbents’ profits?

[removed] A. Entrants divide market demand among fewer sellers
[removed] B. Entrants reduce internal rivalry
[removed] C. Entrants increase market concentration
[removed] D. Entrants usually grow the market for all parties
[removed] E. Entrants decrease market concentration

3.5 points   

Question 4

1.       What type of curve can be used to describe the set of price-quality combinations that yields the same consumer surplus to an individual?

[removed] A. Frontier curve
[removed] B. Learning curve
[removed] C. Indifference curve
[removed] D. Implicit curve
[removed] E. Level curve

3.5 points   

Question 5

1.       Which of the following is not a part of the five-forces framework?

[removed] A. Supplier Power
[removed] B. Buyer Power
[removed] C. Substitutes and Complements
[removed] D. Regulation
[removed] E. Internal rivalry

3.5 points   

Question 6

1.       Which of following factors should be considered when assessing complements and substitutes?

[removed] A. Availability of close substitutes and/or complements
[removed] B. Price-value characteristics of substitutes/complements
[removed] C. Price elasticity of industry demand
[removed] D. All of the above
[removed] E. None of the above

3.5 points   

Question 7

1.       Which of the following is generally thought of as a buyer in the hospital industry?

[removed] A. Medical equipment companies
[removed] B. Patients
[removed] C. Pharmaceutical drug houses
[removed] D. Nurse
[removed] E. Technician

3.5 points   

Question 8

1.       Which of the following is generally thought of as a supplier in the hospital industry?

[removed] A. Medicaid
[removed] B. Admitting physicians
[removed] C. Patients
[removed] D. Hospital-based physician
[removed] E. Medicare

3.5 points   

Question 9

1.       Substitutes erode profits because of which of the following factor?

[removed] A. Substitutes compete for similar inputs driving up production costs
[removed] B. Substitutes divide demand and drive up internal rivalry
[removed] C. Firms producing substitutes use similar worker skills dividing the labor pool
[removed] D. Manufacturers of substitutes enter markets later and have lower sunk costs
[removed] E. None of the above

3.5 points   

Question 10

1.       What is the perceived benefit of a product per unit consumed minus the product’s monetary price?

[removed] A. Maximum willingness-to-pay
[removed] B. Value chain
[removed] C. Value creation
[removed] D. Competitive advantage
[removed] E. Consumer surplus




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