Which of the following best describes a cartel?
A) As a monopolist, a group of monopolistically competitive firms that jointly reduce output and raise the price.
B) As a monopolist, a group of cooperating oligopolists that jointly reduce output and raise the price.
C) A monopolist that reduces output and raises price.
D) A group of identical non-cooperative oligopolists that are able to reproduce a monopoly equilibrium through price rivalry.
Correct Answer:
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