Economists would describe cartels as
A)the opposite of ignoring interdependence.
B)a collusive arrangement.
C)an undesirable form of market organization that may charge a monopoly price.
D)All of the above are correct.

Question

Quizplus · Accepted Answer

All of the given options correctly describe cartels. A cartel is a collusive arrangement between firms in an industry to coordinate their actions and behave like a monopoly, charging high prices and limiting output. In doing so, they ignore interdependence and act in their own self-interest, leading to an undesirable form of market organization that charges a monopoly price. Therefore, all of the given options are correct.

Economists Would Describe Cartels as