When oligopolies act jointly as a monopoly, they are acting as a
A) contestable market.
B) monopolistically competitive market.
C) cartel.
D) monopsony.

Question

Quizplus · Accepted Answer

When oligopolies act jointly as a monopoly, they are forming a cartel. A cartel is an agreement among competing firms to coordinate prices and production, effectively reducing competition and acting as a single monopoly.

When Oligopolies Act Jointly as a Monopoly, They Are Acting