In the Past, "Gentlemen's Agreements" Were Often Used to Avoid

question 208

Multiple Choice

In the past, "gentlemen's agreements" were often used to avoid competition or to divide up a market so that firms did not have to truly compete against each other. Which consumer right is being violated when companies block competition?

• A) Right to be heard
• B) Right to choose
• C) Right of consumers
• D) Right to safety
• E) Right to competition

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Definitions:

Mexico

A nation situated in the southern part of North America, renowned for its vibrant cultural traditions, varied terrain, and importance in the economy.

United States

A country located in North America consisting of 50 states, a federal district, and various territories, known for its diverse geography and economy.

Trade

The action of buying, selling, or exchanging goods and services between people, businesses, countries, etc., often for money.

Resource Scarcity

The limited availability of natural resources, leading to constraints on production, consumption, and the ability to meet human needs and desires.