A cartel is
a. a group of oligopolists who try to behave like a single monopolist and split the benefits among themselves.
b. a government-approved organization for the exchange of technical information among firms.
c. a form of competition among oligopolists.
d. a regulated industry that is officially permitted to set the price of its product above long-run average total cost.
a
You might also like to view...
The Federal Open Market Committee usually meets ________ times a year
A) four B) six C) eight D) twelve
Game theory is the study of which of the following?
a. The prisoner's dilemma b. The behavior of people engaged in recreational games c. The mutual interdependence of firms in oligopolistic industries d. The downward sloping demand curve faced by firms in an oligopoly e. The interaction between marginal and average revenue