When Oligopolists Make Joint Decisions Concerning Their Prices and Output

question 172

Multiple Choice

When oligopolists make joint decisions concerning their prices and output levels,they are

• A)a natural oligopoly
• B)colluding
• C)a duopoly
• D)a homogeneous oligopoly
• E)practicing bilateralism

---

Definitions:

Income

Earnings received by an individual or entity, typically through wages, investments, or business activities, over a certain period.

Utility Function

A form of mathematical model that orders a person's preferences across a range of products and services.

Ice Skating Lessons

Instructional sessions aimed at teaching individuals how to skate on ice, often covering basic skills to advanced techniques.

Piano Lessons

Formal instruction in playing the piano, typically involving one-on-one sessions between a student and a teacher.