With an Oligopoly If a Group of Firms Is Not

question 42

True/False

With an oligopoly if a group of firms is not able to coordinate or collude, prices will not be higher than in a competitive market.

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Definitions:

Unconditioned Response

An automatic, unlearned reaction to a stimulus, such as salivating when smelling food.

Unconditioned Stimulus

A stimulus that naturally and automatically triggers a response without the need for prior learning.

Conditioned Stimulus

A previously neutral stimulus that, after becoming associated with the unconditioned stimulus, eventually comes to trigger a conditioned response on its own.

Conditioned Response

A learned response to a previously neutral stimulus that has been repeatedly presented along with an unconditioned stimulus.