When two or more firms set prices or quantities in unison,economists refer to them as a
A) cartel.
B) monopoly.
C) monopolistically competitive market.
D) perfectly competitive market.
E) predatory pricing unit.

Question

Quizplus · Accepted Answer

A cartel is a group of firms that agree to act together to influence the market by setting prices or output levels. This is done to maximize profits for the cartel members, much like a monopoly.

When Two or More Firms Set Prices or Quantities in Unison,economists