What involves the agreement on the part of multiple corporations to charge a particular price for a good or service?

a. embezzlement
b. pilferage
c. price-fixing
d. restraint of trade

The correct answer is C. Price-fixing

Explanation:

In the economy, price-fixing occurs as different corporations, businesses or manufacturers agree on the price of one specific good or service. This implies the price is somehow fixed as none of the corporations participating can sell the product or service at a higher or lower price. This is common in the case corporations want to sell a product or service at a higher price, which represents a benefit for them; however, in most countries, this is against the law because each corporation needs to set a price based on their product, features, and economic forces. According to this, it is price-fixing the process that involves the agreement on the part of multiple corporations to charge a particular price.

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answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.