A Market with Four Firms in Competition with Each Other

question 99

Multiple Choice

A market with four firms in competition with each other has a equilibrium price of $6 and equilibrium quantity of 100,000. If the four firms form a cartel, the cartel, set price will be ________than $6 and the set quantity will be _________ than 100,000.

• A)greater; less
• B)less; greater
• C)greater; greater
• D)less; less

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Definitions:

Insanity Plea

A legal defense used in court that claims the defendant was unable to understand the nature of their actions due to mental illness at the time of the crime.

Feigning Mental Illness

Pretending to have a psychiatric condition that one does not actually have, often for personal gain.

Violent Criminals

Individuals who commit crimes involving the use or threat of physical force or harm against others.

Not Guilty

A legal verdict stating that there is not enough evidence to prove beyond a reasonable doubt that someone committed the crime they were charged with.