An auction for mineral rights on an unexploited oilfield can be characterized as
a. A common value auction
b. A private value auction
c. Highest value
d. None of the above
QUESTION 2In 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
QUESTION 3In a common-value auction
a. Every bidder knows the exact value of the item being auctioned
b. Each bidder knows everyone else's value of the item
c. The value of the item is different for all the bidders
d. None of the above
QUESTION 4The RBV perspective locates the source of competitive advantage for a firm at the
a. Individual firm level
b. Industry level
c. Customer Level
d. None of the above
QUESTION 5In a common-value auction
a. Every bidder knows the exact value of the item being auctioned
b. Each bidder knows everyone else's value of the item
c. The value is the same for all the bidders
d. All of the above
QUESTION 6The IO Economics perspective locates the source of competitive advantage for a firm at the
a. Individual firm level
b. Industry level
c. Customer Level
d. None of the above
QUESTION 7In a common-value auction
a. Every bidder knows the exact value of the item being auctioned
b. Each bidder only has an estimate of the value of the item
c. The value is different for each bidder
d. All of the above
QUESTION 8It is more profitable for a firm to be_______ than ________
a. In perfect competition; monopolists
b. A monopolists; in perfect competition
c. Not in business; in business
d. All of the above