When Firms in an Oligopoly Collude Without an Explicit Agreement

question 67

Multiple Choice

When firms in an oligopoly collude without an explicit agreement, economists say they are involved in:

• A) illegal collusion.
• B) tacit collusion.
• C) game theoretic collusion.
• D) predatory collusion.
• E) marginal collusion.

Evaluate the effects of international policies and tariffs on the U.S. economy during the depression.

Assess the role of the federal government in regulating industry and labor relations in the 1930s.

Understand the significance of public works and relief projects in economic recovery efforts.

Recognize the influence of the depression era on minority employment and legislation.

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Definitions:

Capital

Financial assets or the financial value of assets, such as cash and securities, or fixed assets like machinery and buildings, used in producing goods and services.

American Economy

The economic system of the United States characterized by a mixture of private and public enterprises, a high level of technological innovation, and a relatively high GDP per capita.

Largest

The term "largest" can denote the highest in size, amount, degree, or significance in a particular context, but without a specific subject, its meaning remains general.

Fastest Growing

Describes sectors, industries, or economies that are increasing in size or value at the most rapid pace.