A group of firms that has entered into a collusive agreement to restrict output and increase prices and profits is called
A) a compliance.
B) an oligopoly.
C) a cartel.
D) a duopoly.

Question

Quizplus · Accepted Answer

A cartel is a formal agreement among competing firms to control prices or exclude entry of a new competitor in a market, often by coordinating the production and sale of goods to control market prices.

A Group of Firms That Has Entered into a Collusive