The Firm Who Is a Runner- Up in an Industry

question 68

Multiple Choice

The firm who is a runner- up in an industry but that wants to hold its market share without rocking the boat is known as the market:

• A) challenger.
• B) follower.
• C) leader.
• D) nicher.
• E) structure.

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Definitions:

Globalized New World Order

A concept or perspective on the shifting dynamics of global power, economics, and politics towards increased interconnectedness and homogenization across countries and cultures, often discussed with both positive and negative connotations.

Nation-State

A sovereign entity characterized by a defined territory, permanent population, a government, and the capacity to enter into relations with other states.

Most-Favored Nation Principle

The Most-Favored Nation Principle is a trade policy requiring that a country extends the same trade terms and lowest tariffs it offers to one trading partner to all others.

Uruguay Round Agreements

A collection of treaties, negotiated through the General Agreement on Tariffs and Trade (GATT) that substantially liberalized world trade by reducing tariffs and establishing the World Trade Organization (WTO).