This Tests a Numerical Amount to Ensure That It Does

question 17

Multiple Choice

This tests a numerical amount to ensure that it does not exceed a predetermined value nor fall below another predetermined value.

• A) Completeness check
• B) Field check
• C) Limit check
• D) Range check

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Definitions:

Collusive Oligopoly

A market situation where a few firms dominate and agree, formally or informally, on prices or production levels to minimize competition.

Limit Pricing

A strategy used by monopolies or market leaders to set prices low enough to deter new entrants into the market.

New Rivals

refers to competitors that enter a market and challenge existing firms with their products, services, or business models.

Cartel

An association of manufacturers or suppliers with the purpose of maintaining high prices and restricting competition.