-Consider the Flexible Pricing Chart Above,which Shows the Results of a National

question 282

Multiple Choice

-Consider the flexible pricing chart above,which shows the results of a National Bureau of Economic Research study of 750,000 car purchases.The data indicate that some groups of car buyers,on average,paid roughly $105,$423,and $483 respectively,for a new car in the $21,000 range than the typical purchaser.Who are the car buyers in "A?"

• A)women
• B)the elderly
• C)Hispanics
• D)African Americans
• E)Asian Americans

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Definitions:

Oligopolies

Market structures characterized by a small number of firms that have significant market power, which can influence prices and output levels.

Cartels

Formal agreements among competing firms to control prices, production, and distribution of goods, often to restrict competition and increase profits illegally.

Collusive Arrangements

Agreements between firms to control prices or exclude entry of a new competitor in the market, often in violation of antitrust laws.

Secret Price Concessions

Unadvertised discounts or reductions in price offered to buyers, often as part of negotiation processes in sales transactions.