A Cartel Is

question 52

Multiple Choice

A cartel is

• A)a temporary storage facility for automobiles.
• B)a group of firms that enter into an informal agreement to fix prices to maximize joint profits.
• C)a group of firms that enter into a formal agreement to fix prices to maximize joint profits.
• D)an example of a group of firms that collectively regulate a competitive industry.

Distinguish between the early schools of thought in psychology: structuralism and functionalism.

Identify the contemporary approaches and their focus within psychology.

Understand the role and importance of critical thinking in psychology.

Identify the scientific goals related to understanding, predicting, and explaining behavior.

---

Definitions:

Preferences

In economics, a description of the needs or desires that consumers use to make choices among different goods or services.

Indifference Curves

Graphical representations used in microeconomics to show combinations of two goods that provide the same level of utility to a consumer.

Preferences

Individual tastes or choices regarding various alternatives, shaped by factors like utility, satisfaction, and economic conditions.

Convex

A shape or function where a line segment joining any two points on its graph lies above or on the graph, often associated with optimization problems in economics.