Chapter 6

Question 1

when a group of firms get together and decide to charge the same high prices and offer only the same sorts of goods and services, the result is

Answer 1

a collusion

Question 2

under a collusion, consumers have ______________ choice than they would under a _________

Answer 2

little or no more choice than they would under a monopoly

Question 3

the biggest defender of the AMerican freedom from harmful monopolies is the

Answer 3

operation of free markets

Question 4

while it is not uncommon for a firm or a combination of firms to _________ gain control it is __________________ for long-term monopolies in a free markets economy

Answer 4

temporarily

rare