A group of suppliers who tries to act as if they are a monopoly is called a(n):
A) network.
B) oligopoly.
C) cartel.
D) dominant strategy.

Question

Quizplus · Accepted Answer

A cartel is a group of suppliers who try to act as if they are a monopoly by controlling the supply of a particular product or service and setting prices in order to maximize profits. Oligopoly refers to a market structure in which a small number of firms dominate the market, while a network is a group of interconnected entities. Dominant strategy is a game theory concept in which one player's best decision is unaffected by the decisions of other players. Therefore, the best choice in this case is C) cartel.

A Group of Suppliers Who Tries to Act as If