A Group of Firms That Has Entered into an Agreement

question 53

Multiple Choice

A group of firms that has entered into an agreement to restrict output and increase prices and profits is called

• A) a compliance.
• B) a cartel.
• C) an oligopoly.
• D) a duopoly.
• E) a multi-firm monopoly.

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Definitions:

Advertising Law

Regulations and legal standards that govern the ways in which products and services can be promoted to the public.

Deceptive Practices

Activities by individuals or businesses that mislead or lie to consumers, often regarding the nature or quality of a product or service.

Unfair Practices

Activities considered unethical or illegal, often related to business dealings, that can lead to consumer harm or market manipulation.

Discharged

Relieved from a legal duty, obligation, or liability, often in the context of debts or contractual obligations.