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What occurs when two or more businesses secretly agree to set their prices artificially high and agree not to lower them?
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What tariff type is used to protect a domestic industry?
A PROTECTIVE tariff is intended to artificially inflate prices of imports and protect domestic industries from foreign competition.
What effect did Tycoons have on the Industrial Revolution?
Monopolized smaller businesses and then used their power to inflate prices on their goods that were now widely available to others. Led to construction of railroads and large cities of steel.
Why have African nations had trouble feeding their people?
Land used for export crops could not be used to produce food crops. As a result, countries that had once been able to feed their own people now had to import food. This as costly, meanwhile, many goverments kept food prices artificially low. Low prices discouraged local farmers from growing food crops. Governments then had to subsidize parts of the cost of importing food from overseas.
How did the 2008 stock market crash occur?
The stock market crashed when the US gov't over-printed currency, thus starting inflation. From there, money was worth less and less which caused the prices on everything, including oil, to rise. as money was worth less, businesses began to close and banks had to be bailed out of bankruptcy with OUR taxpayer's billions. this caused stocks in businesses or corporations to plunge. it sounds like the end of the world, but really, it is not.
How did men like Rockefeller and carnegie make their businesses bigger?
They created monopolies so that they could control the prices of the goods they made and erase any business competition. They also bought their resources that were necessary to create their goods. That way, they didn't have to buy them from other companies.
What occurs when two or more businesses secretly agree to set their prices artificially high and agree not to lower them which forces consumers to pay more than they would if no agreement existed?
price fixing
The common definition of price fixing is?
When companies agree to set prices artificially high.
Why Large businesses depends on small businesses?
Large businesses depend on small businesses to have higher prices and force customers to them. In addition, small businesses often order from larger businesses.
How did cartel control prices?
Businesses agreed to limit production.
How did a cartel control prices?
Businesses agreed to limit production.
What did the Supreme Court case of Munn v Illinois permit the government to do?
it allowed the government to set prices over some private businesses (apex)
When inflation occurs do prices fall or rise?
rise
What is extortionist tourism?
Businesses abusing tourists with extremely high prices.
What is it called when Businesses are raising prices on goods that are scarce?
Price Gouging
Harshad Mehta's scam?
In 1992 he exploited some loopholes in India that allowed him to artificially drive stock prices up on the Bombay exchange.
When businesses raise prices above the equiliberium price the demand will do what?
un answered
How consumers benefit from competition among businesses?
competition leads to lower prices
