A cartel is a(n)
A)form of explicit collusion in which the parties collectively behave like a monopoly
B)market that changes very little as firms enter and exit
C)implicit pricing scheme that does not involve explicit communication between the parties
D)form of nonprice competition
E)group of firms engaged in price discrimination

Question

Quizplus · Accepted Answer

A cartel is a group of firms that explicitly collude to behave like a monopoly. They work together to restrict output and raise prices to increase their profits. This behavior is illegal in most countries.

A Cartel Is A(n)