The primary objective of a cartel is to:
A) maximize the amount of profit received by each member of the organization.
B) maximize the joint profits of the members of the organization.
C) ensure each member of the organization some minimum amount of profit.
D) maximize the average profits of the members of the organization.
B
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As in all other competitive markets price equals marginal cost in a market for a scarce, non-renewable resource that is traded in a competitive market
Indicate whether the statement is true or false
Which of the following facts about competitive ideas is true?
a. A successful competitive idea should be big in terms of investment. b. A competitive idea is usually built on a foundation of other ideas. c. A competitive idea should necessarily be scientific. d. A successful competitive idea must be original.