A group of firms acting together to limit output,raise price,and increase economic profit is a called a
A) duopoly.
B) monopolistic oligopoly.
C) competitive oligopoly.
D) cartel.
E) multi-firm competitive monopoly.

Question

Quizplus · Accepted Answer

A group of firms acting together to limit output, raise price, and increase economic profit is called a cartel. This is typically done by coordinating production levels and agreeing to limit competition. Cartels are illegal in many countries, including the United States, because they are viewed as anticompetitive and harmful to consumers.

A Group of Firms Acting Together to Limit Output,raise Price,and