Price-Fixing

question 96

Multiple Choice

Price-fixing

• A) creative destruction view of competition.
• B) idea that competition leads to greater economic efficiency than does a monopoly.
• C) view that nonprice competition should be strictly regulated by government.
• D) view that all negative externalities should be eliminated by government action.

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Definitions:

Ammonia

A colorless gas with a characteristic pungent smell, consisting of nitrogen and hydrogen (NH3), used as a fertilizer and cleaning agent.

Catalyst

A material that accelerates the speed of a chemical reaction without experiencing any lasting chemical alteration.

Acid Equilibrium

The state of balance between the forward and reverse reactions in which an acid donates a proton to a base.

Acid Salt

A type of salt that contains an ionizable hydrogen atom, allowing it to act as an acid under suitable conditions.