There are two producers of wagon wheels that together are the exclusive providers to a large community.The executives of these companies meet to set minimum prices and production levels,thereby ensuring that they each will make a higher profit than they would in a free market.This is an example of a(n):

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This scenario describes an oligopoly, which refers to a market structure where a few large firms dominate the market and can collude to set prices and production levels in their favor. Monopolies imply that there is only one seller in the market, while autocracy and dictatorship refer to political systems, not economic ones.

There Are Two Producers of Wagon Wheels That Together Are