A group of firms that are acting in unison to maximize collective profits is called a
A)monopolistically competitive industry.
B)monopoly.
C)cartel.
D)Nash equilibrium market.

Question

Quizplus · Accepted Answer

A group of firms acting in unison to maximize collective profits is referred to as a cartel. In a cartel, members agree to set output levels and prices to avoid price competition and maximize their profits as a group. This is considered to be illegal in many countries, as it is a form of market manipulation that harms consumers by driving up prices.

A Group of Firms That Are Acting in Unison to Maximize