A Group of Producers That Collusively Determines the Price and Output

question 7

True/False

A group of producers that collusively determines the price and output in a market is cartel.

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Definitions:

Minor Premise

Minor Premise is the second premise in a syllogism, which contains the terms minor term and middle term, leading to a specific conclusion.

Minor Term

The term that appears as the subject in the conclusion of a categorical syllogism and in one of the premises.

Middle Term

In a syllogism, the term that appears in both premises but not in the conclusion, serving as the link between the major and minor premises.

Categorical Syllogism

A form of deductive reasoning consisting of three propositions: two premises and a conclusion, each stating something about categories of things.