When Firms Get Together and Agree on Prices and Output,it

question 13

Multiple Choice

When firms get together and agree on prices and output,it is called

• A) price leadership.
• B) the rule of reason.
• C) monopolistic competition.
• D) collusion.
• E) intermediation.

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Definitions:

State Legislatures

The legislative bodies in each of the states within the United States, responsible for making, amending, and repealing state laws.

General Incorporation Law

Legal statutes that facilitate the establishment of corporations by providing standardized procedures and requirements for incorporation.

For-Profit Corporations

Businesses that are established to generate profit for their owners, with revenues exceeding costs.

Laws

The system of rules created and enforced through social or governmental institutions to regulate behavior.