Write the Meaning of the Abbreviation on the Line

question 56

Short Answer

Write the meaning of the abbreviation on the line.
-RA ___________________________

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Definitions:

Cartel

An association of independent businesses or countries that work together to control production, pricing, and marketing of goods to monopolize a market.

Monopoly

A firm that is the sole seller of a product without any close substitutes.

Game Theory

The study of how people behave in strategic situations

Competitive Markets

Markets in which there are many buyers and sellers so that each has a negligible impact on the market price of goods and services.