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.

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Definitions:

Revised Probabilities

Updated likelihoods, based on new evidence or information, that a particular event will happen.

Additional Information

Supplementary data or details provided to enhance understanding or clarification of a subject.

Posterior Probabilities

Posterior probabilities are the revised probabilities of events occurring after taking into consideration new evidence or information.

P(A ∪ B)

The probability that at least one of two events, A or B, occurs, including the possibility that both events occur simultaneously.