A cartel is a group of firms that acts as if it were a monopoly and produces where MR = MC for the industry.

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Quizplus · Accepted Answer

A cartel is indeed a group of firms that collude to act as if they were a single monopoly, making decisions about production levels and prices to maximize collective profits, which often involves producing at the point where marginal revenue (MR) equals marginal cost (MC) for the industry as a whole, similar to how a monopoly operates.

A Cartel Is a Group of Firms That Acts as If