A Group of Firms Acting Together to Limit Output,raise Price,and

question 17

Multiple Choice

A group of firms acting together to limit output,raise price,and increase economic profit is a called a

• A) duopoly.
• B) monopolistic oligopoly.
• C) competitive oligopoly.
• D) cartel.
• E) multi-firm competitive monopoly.

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Definitions:

Consumerism

The preoccupation with and an inclination towards the buying of consumer goods.

Economic Prosperity

A state of flourishing financial health and growth, marked by a high level of income, low unemployment, and sustainable development.

1920s

A decade marked by significant cultural, economic, and political changes worldwide, known for economic prosperity, the Prohibition era, and the Jazz Age in the United States.

1950s

A decade marked by post-World War II recovery, significant cultural shifts, economic prosperity in the West, and the heightening of the Cold War.