We would expect a cartel to achieve:
A. both allocative efficiency and productive efficiency.
B. allocative efficiency but not productive efficiency.
C. productive efficiency but not allocative efficiency.
D. neither allocative efficiency nor productive efficiency.
Answer: D
Economics
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Indicate whether the statement is true or false
Economics
Which of the following statements is true regarding perfect competition?
a. A perfectly competitive market only exists in the agricultural market. b. A perfectly competitive market is a hypothetical extreme. c. There are many examples of perfectly competitive markets in different industries. d. Perfectly competitive markets are the opposite of price takers.
Economics