In 2011, 11 Modeling Agencies in Singapore Were Found to Have

question 144

Multiple Choice

In 2011, 11 modeling agencies in Singapore were found to have acted together in raising prices of modeling services. These firms acted as a:

• A) disunion.
• B) cartel.
• C) co-op.
• D) Bertrand monopoly.

Differentiate between the types and categories of government expenditures.

Understand the concepts of average and marginal tax rates and their application.

Grasp the impact of elasticity on the incidence of excise taxes.

Understand the principles of tax progressivity, regressivity, and proportionality.

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Definitions:

Monopolization

refers to the domination by a single company of a particular market, often regarded negatively because it can restrict competition and harm consumers.

Market Power

Refers to the ability of a company to influence the price and production levels in a market due to its size or lack of competition.

Antitrust Laws

Legislation to promote fair competition for the benefit of consumers, by regulating anti-competitive conduct by companies.

Conglomerate Merger

A type of merger between companies that operate in entirely different industries.