Alto and Saxon are two oligopolists that hold most of the market power in the bottled water industry. Which of the following actions shows that collusion is occurring?
a. Alto and Saxon agree to merge to increase their market power.
b. Alto suffers a sales loss after Saxon lowers its prices.
c. Saxon launches an advertising campaign against Alto.
d. Alto and Saxon agree to mutually restrict production to drive up prices.
d. Alto and Saxon agree to mutually restrict production to drive up prices.
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