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.

---

Definitions:

Law Enforcement

Agencies and officers tasked with maintaining public order and enforcing laws, including the prevention, detection, and investigation of crime.

Urban Villagers

Residents of densely populated urban neighborhoods who maintain strong community ties and networks reminiscent of traditional village life.

Herbert Gans

A sociologist known for his work in urban sociology, focusing on issues of urban poverty, community, and the role of media in society.

Ethnography

A naturalistic method based on studying people in their own environment in order to understand the meanings they attribute to their activities; also, the written work that results from the study.