Which of the following best describes a cartel?
a. As a monopolist, a group of monopolistically competitive firms that jointly reduce output and raise the price.
b. As a monopolist, a group of cooperating oligopolists that jointly reduce output and raise the price.
c. A monopolist that reduces output and raises price.
d. A group of identical non-cooperative oligopolists that are able to reproduce a monopoly equilibrium through price rivalry.
b
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In economics, the factor of production "land" includes all of the following EXCEPT
A) animals, birds, and fish. B) energy. C) wild plants. D) oil. E) plastics.
If the minimum efficient scale of a firm is small relative to the demand for the good, then
A) many small firms can compete in the market. B) several large firms will enter the market thereby reducing competition. C) there will be no economic profits for any small firms, so no new firms will ever enter the market. D) the firms already in the market have lower average total cost than any new firm entering the market.
Cashing out capital gains in Virtual Currency System #3 (i.e., turning virtual capital gains into real world currencies) causes the nation's:
a. Monetary base to remain the same. b. M2 money supply to fall. c. M2 money multiplier to fall. d. M2 money supply to rise.
Cocoa and marshmallows are complements, so a decrease in the price of cocoa will cause an increase in the demand for marshmallows
a. True b. False Indicate whether the statement is true or false