When firms form a cartel in an oligopoly market, the total output is always the same as if the market were perfectly competitive.

Name: When firms form a cartel in an oligopoly market, the total output is always the same as if the market were perfectly competitive.
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Question

When firms form a cartel in an oligopoly market, the total output is always the same as if the market were perfectly competitive.
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Quizplus · Accepted Answer

In a cartel, firms act together to restrict output and raise prices, leading to lower output compared to the competitive market outcome where firms produce at the point where price equals marginal cost.

When Firms Form a Cartel in an Oligopoly Market, the Total