What term best describes clusters of activities

Assignment Help Microeconomics

Reference no: EM13752718

Question 1

What term best describes clusters of activities that a firm does especially well in comparison with other firms?

A. Resources

B. Capabilities

C. Threats to sustainability

D. Competitive advantage

E. Strategic firm assets

Question 2

Which of the following terms best describes a phenomenon whereby a profit-maximizing firm sticks with its current technology or product concept even though the profit-maximizing decision for a firm starting from scratch would be to choose a different technology or product concept?

A. Strategic intent

B. Strategic stretch

C. The replacement effect

D. The sunk cost effect

E. Hypercompetition

Question 3

What term best describes assets that are more valuable when used together than when separated?

A. Imperfectly mobile

B. Cospecialized

C. Value-creating

D. Isolating

E. Scarce

Question 4

What product characteristic refers to the situation where consumers place higher value on a product if other consumers also use it?

A. Product linkage

B. Complementary effect

C. Product externality

D. Network effect

E. Value creation effect

Question 5

Which of the following terms describes a nation's position with regard to the elements (e.g. human resources, infrastructure) of production that are necessary to compete in a particular industry?

A. Related supplier or support industries

B. Demand conditions

C. Supply conditions

D. Factor conditions

E. Strategy, structure, and rivalry

Question 6

What term best characterizes the battle between firms to innovate first?

Market for new ideas

New product competition

R&D race

Innovation competition

Patent race

Question 7

What term best describes the characteristic of a process if past circumstances could exclude certain evolutions in the future?

A. Dynamic efficiency

B. Dynamic capabilities

C. Path dependence

D. Evolutionary economics

E. Correlated research strategies

Question 8

Which of the following is least likely a characteristic of profit persistence in an industry?

A. Entry barriers exist

B. Economic profits should quickly converge to zero

C. Barriers to imitation exist

D. Low profit firms today should remain low-profit firms in the future

E. Firms earning above-average profits today should continue to do so in the future

Question 9

Size, growth, and character of home demand for a firm's product are examples of what?

A. Demand conditions

B. Factor conditions

C. Strategy, structure, and rivalry

D. Supply conditions

E. Related supplier or support industries

Question 10

What term best describes when quiet periods in markets are punctuated by fundamental "shocks" or "discontinuities" that destroy old sources of advantage and replace them with new ones?

A. Entrepreneurship

B. Market for ideas

C. Disruptive technologies

D. Innovation

E. Creative destruction

Reference no: EM13752718

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