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Figure: Competitive Market (Figure: Competitive Market) Refer to the Figure

Question 2

Multiple Choice

Figure: Competitive Market Figure: Competitive Market (Figure: Competitive Market) Refer to the figure. If all firmsin the market form a successful cartel, price and output in themarket would be: A) P<sub>1</sub> and Q<sub>1</sub>. B) P<sub>1</sub> and Q<sub>2</sub>. C) P<sub>2</sub> and Q<sub>1</sub>. D) P<sub>2</sub> and Q<sub>2</sub>. (Figure: Competitive Market) Refer to the figure. If all firmsin the market form a successful cartel, price and output in themarket would be:


A) P1 and Q1.
B) P1 and Q2.
C) P2 and Q1.
D) P2 and Q2.

Correct Answer:

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