Under which of the following market conditions is it most difficult to maintain a cartel agreement?
a. There are many firms in the industry and these firms have similar costs.
b. There are many firms in the industry and these firms have different costs.
c. There are few firms in the industry and these firms have similar costs.
d. There are few firms in the industry and these firms have different costs.
B
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Other things being equal, the marginal revenue product (MRP) curve for a competitive seller
A) lies below the MRP curve for a monopolist. B) is identical to the MRP curve for a monopolist. C) lies above the MRP curve for a monopolist. D) is upward sloping whereas a monopolist has a downward sloping MRP curve.
Marginal revenue is the change in:
a. total profit brought about by selling one more unit of output. b. price brought about by selling one more unit of output. c. total revenue brought about by selling one more unit of output. d. output brought about by a $1 change in product price. e. average revenue brought about by selling one more unit of output.