Which of the following statements regarding cartels is not correct?

A) Cartels are sometimes difficult to maintain because a member can cheat by raising its price above the agreed price.
B) Cartels restrict industry output in order to raise price.
C) Cartels are inherently stable, because oligopolistic firms rarely change price.
D) are easier to establish and maintain when the cost functions of the individual members are more similar to one another.

C

Economics

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Refer to Figure 18.3. Livonia has a comparative advantage in the production of

A) pogo sticks. B) scooters. C) both scooters and pogo sticks. D) neither scooters nor pogo sticks.

Economics

If a good is inferior, then it has an income elasticity of demand that is

A) equal to zero. B) greater than zero. C) less than zero. D) greater than one. E) undefined.

Economics