Which of the following explains how a cartel with 100 percent control might raise price to monopoly-like levels?
a. By setting a group output level equal to a profit-maximizing monopolist, and then assigning binding quota shares to cartel members.
b. By setting an official price that members can secretly undercut.
c. By forbidding price competition, but allowing non-cooperative rivalry in output levels.
d. None of the above.
a
Economics
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a. substantially more equal. b. slightly more equal. c. slightly more unequal. d. substantially more unequal.
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Welfare economics is the study of the welfare system
a. True b. False Indicate whether the statement is true or false
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