When Firms Openly Agree on Price and Output and They

question 124

Multiple Choice

When firms openly agree on price and output and they jointly make other decisions aimed at achieving monopoly profits, those firms are practicing:

• A)overt collusion.
• B)tacit collusion.
• C)leadership price.
• D)competitive game.

Understand the nature and regulation of mergers, including horizontal, vertical, and conglomerate types.

Comprehend the impact of technology on market competition and regulation, especially in relation to online pricing and algorithms.

Examine federal agencies' roles and jurisdiction in regulating industries and protecting consumers.

Critically assess the varying enforcement of antitrust laws across different presidential administrations.

---

Definitions:

Group Membership

The association or identification of an individual with a group, based on shared characteristics, goals, or interests.

Social Attraction

Liking for someone based on common group membership and determined by the person’s prototypicality of the group.

Hogg's Model

A social identity theory related model that explains how perceived uncertainty in groups can lead to stronger identification with and conformity to group norms.

Group Norms

Shared expectations or rules within a group that guide the behavior of its members.