If a Group of Sellers That Can Restrict Entry into a Market

question 20

Multiple Choice

If a group of sellers that can restrict entry into a market, they will often be able to enlarge their total profit by

• A) raising price and reducing output.
• B) raising price and expanding output.
• C) lowering price and expanding output.
• D) raising price and leaving output unchanged.

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Definitions:

Elaborative Rehearsal

A memory technique that involves thinking about the meaning of the term to be remembered, as opposed to simply repeating the word to oneself.

Maintenance Rehearsal

A cognitive process involving the repetitive review of information to keep it in short-term memory longer.

Rote Rehearsal

A learning technique that involves repeating information over and over to keep it in short-term memory longer.

Levels-of-processing Model

A cognitive psychology theory that suggests memory retention of information is influenced by the depth of processing, with deeper levels of analysis producing more durable memory.