Examlex
Construct your own question drawing on relevant course materials for your answer.Points will be awarded for both the question and the answer.
Federal Trade Commission
A U.S. federal agency established in 1914 to promote consumer protection and the elimination and prevention of anticompetitive business practices.
Legal Cartel Theory
A concept where a group of firms or entities legally agree to control production, pricing, or marketing of goods and services to dominate a market.
Average Total Cost
The total cost of production (fixed and variable costs combined) divided by the number of units produced, indicative of cost per unit.
Price-fixing
An illegal agreement among competitors to set prices at a certain level, rather than letting them be determined naturally by the market.
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