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The Former Soviet Union Was Characterized by Outdated Technologies, Prices

question 45

True/False

The former Soviet Union was characterized by outdated technologies, prices set too low, and persistent shortages.


Definitions:

Cartels

Groups of independent market participants who collude to control prices and output in a particular market, typically to restrict competition.

Illegal

Refers to actions or activities that are prohibited by law.

Nash Equilibrium

A concept in game theory where no player can benefit by changing strategies while the other players' strategies remain unchanged.

Payoff

The benefit or return that one receives as a result of an investment or action; a rephrasing of economic payoff emphasizing the outcome aspect.

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