passwella.
Menu

JAMB Economics 2010 Question 26

Question 26

Market Structures

An agreement among firms on price and segmentation is termed

  1. A.cartel
  2. B.collusion
  3. C.haggling
  4. D.specialization.
Show the answer and explanation

Answer: B (collusion)

Explanation

When firms agree among themselves to fix prices or share out markets instead of competing, it is called collusion.