In 2004, the ACCC Successfully Prosecuted a Number of Petrol

question 60

Multiple Choice

In 2004, the ACCC successfully prosecuted a number of petrol sellers in a Victorian town for collusion.The petrol sellers advertised their prices on boards outside their petrol stations.When one of the sellers wanted to raise petrol prices in the town, they would increase the price on their own board and then ring the other sellers to suggest that they 'go for a drive'.This is an example of the cost of:

• A)predatory pricing
• B)transparent pricing
• C)resale price maintenance
• D)none of the above

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Definitions:

Precision Instrument

A tool or device designed to measure or record quantities with high accuracy and minimal error.

Population Variance

The average of the squared differences from the Mean, representing the variance within a whole population.

Confidence Interval

A range of values, derived from sample statistics, that is believed to contain the true parameter of the population with a certain level of confidence.

Population Variance

The measure of dispersion within a population, representing the average of the squared differences from the Population Mean.