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A graph has a point that is either a maximum or a minimum. To the left of the point, the slope of relationship is positive. To the right of the point, the slope is negative. Is the point a maximum point or a minimum point? Be sure to draw a figure that supports your answer.
Elasticity of Demand
A measure of how sensitively the quantity demanded of a good responds to changes in other economic factors, such as price or consumer income.
Collusive Agreement
A secret or illegal cooperation or agreement between parties to limit competition and manipulate market conditions to their advantage.
Cartel
An association of independent businesses or countries that work together to control prices and limit competition in a specific market.
Collusion
An agreement between two or more parties, often covertly, to limit competition and manipulate markets for mutual benefit.
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