In which of the following cartels is total cartel profit likely to be the highest?
A) a cartel made up of equal sized firms each producing different quantities of a differentiated product
B) a cartel made up of firms of various sizes each producing different quantities of a homogeneous product
C) a cartel made up of firms of various sizes each producing the same quantity of a differentiated product
D) a cartel made up of identical firms each producing the same quantity of a homogeneous product
Answer: D
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Economists began to lose confidence in the Phillips curve during the:
a. 1930s. b. 1960s. c. 1970s. d. 1980s. e. 1990s.
A consumer's utility is maximized when: a. the dollar amount spent on each good is the same
b. the marginal utility of each good purchased is the same. c. the price of each good is the same. d. None of the above are generally true.