Explicit Collusion Exists When Firms Directly Communicate with Each Other

question 67

True/False

Explicit collusion exists when firms directly communicate with each other to coordinate their levels of production or their prices and is legal in most countries.

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Definitions:

Implicit Memory

A type of memory in which previous experiences aid the performance of a task without conscious awareness of these previous experiences.

Procedural Memory

A type of long-term memory that involves the recall of how to perform tasks such as walking, talking, or riding a bike.

Long-Term Memory

The phase of the memory process that is capable of storing information for long periods of time, from hours to decades.

Short-Term Memory

The capacity for holding a small amount of information in an active, readily available state for a short period of time.