There Are Two Producers of Wagon Wheels That Together Are

question 28

Multiple Choice

There are two producers of wagon wheels that together are the exclusive providers to a large community.The executives of these companies meet to set minimum prices and production levels,thereby ensuring that they each will make a higher profit than they would in a free market.This is an example of a(n) :

• A) monopoly.
• B) oligopoly.
• C) autocracy.
• D) dictatorship.

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Definitions:

Wage Rise

An increase in the rate of pay received by employees.

Leave Loading

An additional payment made to employees on their annual leave, often calculated as a percentage of their normal salary.

Work Days

Days on which business is conducted, typically excluding weekends and public holidays.