Which of the following statements is TRUE regarding collusion, Bertrand (identical products) , and Cournot competition? 
Definitions:
Process Costing
A method of assigning production costs to units of output by averaging costs over the total units produced, ideal for homogeneous products.
Operation Costing
A hybrid costing system that combines aspects of both job costing and process costing, often used in manufacturing goods that have both common and unique characteristics.
Service Businesses
Companies that primarily earn revenue through providing intangible products, such as services or experiences, rather than physical products.
Routine and Repetitive
Activities or tasks that occur on a regular basis with little variation, often requiring minimal decision-making or innovation.
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