A Cartel Is Formed Among the Major Firms in an Industry

A cartel is formed among the major firms in an industry that maximizes the joint profit of the firms.Each firm

A) will operate at the monopolistically-competitive level of output.
B) will be protected from the economic effects of a recession.
C) has perfectly elastic demand for its product.
D) has the incentive to cheat by cutting its price.
E) will produce and price at competitive levels.