Cartels provide uniform management, but none of the advantages of economies of scale.
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Q37: In the long run, a monopolistically competitive
Q38: The short-run equilibrium of the firm under
Q39: Average cost is higher with a monopolistically
Q40: Under monopolistic competition, profits cannot persist because
Q41: Oligopolists almost always cooperate in making price
Q43: The key difference between oligopoly and other
Q44: Oligopolists behave independently of each other.
Q45: An oligopolist who sets the price for
Q46: OPEC became a successful cartel in the
Q47: Price leadership is an example of explicit
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