During Certain Periods in the Past Few Decades,if One of the Three

question 4

Multiple Choice

During certain periods in the past few decades,if one of the three major breakfast cereal producers in the United States announced a price increase,the other two announced a similar price increase.This implies that the market for breakfast cereals is a good example of _____

• A)monopolistic competition.
• B)a cartel.
• C)a pure monopoly.
• D)the kinked-demand-curve model of oligopoly.
• E)the price-leadership model of oligopoly.

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Definitions:

Check

A check is a written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer or the person or entity whose name is written on the check.

Drawer

In financial contexts, refers to the person who writes or issues a cheque or draft instructing the bank to pay a specific amount of money.

Draft

An order or bill of exchange instructing the payment of a specified sum of money from one party to another, often used in international trade.

Promissory Note

A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.