An Effective and Enforceable Collusion in a Duopoly Will Result

question 15

Multiple Choice

An effective and enforceable collusion in a duopoly will result in:

• A)a monopoly price and output in the market.
• B)a perfectly competitive outcome.
• C)an inefficient equilibrium.
• D)a large consumer surplus.

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Definitions:

Implicit Memories

Implicit memories are memories that influence our thoughts and behaviors without our conscious awareness, including skills and tasks learned through repetition.

Explicit Memory

The conscious recollection of information, such as facts and events, which can be verbally communicated.

Knit

The craft of creating fabric or textile by interlocking loops of yarn using needles.

Procedural Memory

A type of long-term memory involved in the unconscious memory of skills and how to perform certain tasks.