Two Firms Would Sometimes Be Better Off If They Got

question 62

Multiple Choice

Two firms would sometimes be better off if they got together and agreed to charge a high price, rather than to compete and risk having to charge a lower, competitive price.What is the greatest deterrent to this strategy?

• A)The firms may find that the price they charge is greater than the price that would maximise their profits.
• B)An agreement by firms to charge high prices is illegal.The government can fine the firms and send their managers to jail.
• C)Consumers may resent having to pay high prices and not buy from either of the firms.
• D)One of the firms may decide to lower its price and take business away from the firm that charged the high price.

Understand the stages of cognitive development as proposed by Piaget.

Identify the characteristics and developmental achievements of each Piagetian stage.

Recognize the sequence and ages associated with Piaget’s stages of cognitive development.

Understand the concept of object permanence and its significance in cognitive development.

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Definitions:

Constitutional Convention

The gathering that took place in 1787 in Philadelphia, where the United States Constitution was drafted to replace the Articles of Confederation and create a new structure of government.

National Government

A political organization having central governmental powers over a nation or state, responsible for administering and governing the country.

Unlike Charges

Opposite electric charges (positive and negative), which attract each other according to Coulomb's law.

Attraction

The force that causes one object to pull another object to itself.