A Situation in Which Sellers Collude to Set Prices in Response

question 7

Multiple Choice

A situation in which sellers collude to set prices in response to bids or quotations for products is called:

• A)bid rigging.
• B)bait-and-switch.
• C)predatory pricing.
• D)referral selling.
• E)pyramid selling.

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Definitions:

Quartz

A hard, crystalline mineral composed of silicon dioxide, commonly found in many types of rocks and used in various industrial applications.

Sedimentary Rock

Rock formed from the accumulation of sediment, which can be transported by water, wind, or ice, and often contains fossils.

Burial

In geology, this refers to the process of layering sediments on top of each other, which can lead to the formation of sedimentary rocks or the fossilization of organisms.

Compaction

Process by which soil, sediment, and volcanic materials lose pore space in response to the weight of overlying material.