Evaluate the truthfulness of the following statements
I. The horizontal sum of the marginal cost curves of individual plants is called multiplant marginal cost curve.
II. A group of producers that collusively determines the price and output in a market is cartel.

Question

Evaluate the truthfulness of the following statements 
I. The horizontal sum of the marginal cost curves of individual plants is called multiplant marginal cost curve.
II. A group of producers that collusively determines the price and output in a market is cartel.

Quizplus · Accepted Answer

The horizontal sum of the marginal cost curves of individual plants is indeed called the multiplant marginal cost curve, and a group of producers that collusively determines the price and output in a market is known as a cartel.

Evaluate the Truthfulness of the Following Statements