A Number of Firms Agreeing Together to Restrict Output and Thereby

question 102

Multiple Choice

A number of firms agreeing together to restrict output and thereby raise prices is known as

• A)a natural monopoly.
• B)a monopoly.
• C)an oligopoly.
• D)a cartel.
• E)a barrier to entry.

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Definitions:

Invoice

A document issued by a seller to a buyer, detailing products or services provided, quantities, and agreed prices.

Outstanding Balance

The amount of money owed that has not yet been repaid.

Invoice

A document detailing a transaction between a buyer and seller, including the quantity, price, and terms of sale.

Cash Discount

A deduction from the invoice price offered by a seller to encourage prompt payment by the buyer.