A Number of Firms Agreeing Together to Restrict Output and Thereby

question 64

Multiple Choice

A number of firms agreeing together to restrict output and thereby raise prices is known as

• A)a monopoly.
• B)a natural monopoly.
• C)a cartel.
• D)a barrier to entry.
• E)an oligopoly.

---

Definitions:

Nonparametric Tests

Statistical tests that do not assume a specific distribution in the data and are used for ordinal or nominal data.

Spearman Rank

A non-parametric measure of rank correlation that assesses how well the relationship between two variables can be described using a monotonic function.

Correlation

A measure of the relationship between two variables, indicating how changes in one variable are associated with changes in another.

Friedman Two-way ANOVA

A nonparametric statistical test used to detect differences in treatments across multiple test attempts.