Firms in Markets Cooperate to Pool Resources and Gain Market

question 129

Multiple Choice

Firms in markets cooperate to pool resources and gain market power.

• A)slow-cycle
• B)standard-cycle
• C)fast-cycle
• D)hyper-cycle

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Definitions:

Least Effort

A principle suggesting that individuals or systems naturally prefer the solution that requires the minimal amount of work.

Expedience

The quality of being convenient and practical despite possibly being improper or immoral; often associated with taking shortcuts.

Expense

An outlay or expenditure of money, time, or other resources.

Expendable Items

Items meant for one-time use or that have a limited life and are expected to be replaced after a period of use.