ECON/625 ECON625 ECON 625 WEEK 6 QUIZ

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

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

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

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

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?

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

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

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?

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

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?