Reciprocity Means

question 123

Multiple Choice

Reciprocity means:

• A) responding to another's actions with a similar action.
• B) deriving utility from an action that will cause another's utility to increase.
• C) doing good things for people and asking nothing in return.
• D) deriving utility from the action of a stranger.

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Definitions:

Price-Fixing Contracts

Agreements between competitors to set prices at a certain level, which is illegal in many jurisdictions because it undermines free market competition.

Competition

The rivalry among businesses to attract customers and achieve market dominance.

Quoting Prices

The action of providing a prospective customer with a price at which a seller agrees to sell goods or services.

Excess Capacity

The situation where a company's production facilities are capable of producing more than the demand for its products.