Which of the Following Statements Is TRUE Regarding Collusion, Bertrand

question 74

Multiple Choice

Which of the following statements is TRUE regarding collusion, Bertrand (identical products) , and Cournot competition?
I. Prices are highest in collusion, next highest in Cournot, and lowest in Bertrand.
II. Output is highest in Bertrand, next highest in Cournot, and lowest in collusion.
III. Profit is highest in Bertrand, next highest in Cournot, and lowest in collusion.

• A) I and II
• B) III
• C) I
• D) II

Recognize nonresponse bias and its effect on survey outcomes.

Distinguish when undercoverage can lead to biased survey results.

Understand how response bias modifies survey feedback.

Evaluate methodologies for data collection and their susceptibility to biases.

---

Definitions:

Instrument

A formal document, especially one that legally records a fact, act, or agreement.

Enforceable Contract

A legally binding agreement that can be upheld and compelled in a court of law.

Negotiability

The quality of a financial instrument that allows it to be transferred from one party to another with minimal legal restrictions.

Sum Certain

A specified, fixed amount of money that is agreed upon in a financial or legal document, leaving no ambiguity regarding the amount.