The Figure Given Below Shows a Situation Where the Producers

question 31

Multiple Choice

The figure given below shows a situation where the producers of good X are forming an international cartel. Here, MR = Marginal Revenue, MC = Marginal Cost, and P = Price. The cartel use monopoly pricing for its output. A declining market share of the cartel would lead to a:

• A)rightward shift of the cartel marginal cost curve and a rise in cartel output.
• B)rightward shift of the cartel demand curve and a fall in output.
• C)leftward shift of the cartel marginal cost curve and a rise in output.
• D)leftward shift of the cartel demand curve and a fall in cartel output.

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Definitions:

Findspot

The location where an archaeological artifact was found.

Mycenaean Artist

Artisans from the Mycenaean civilization, flourishing in Greece during the late Bronze Age, known for their pottery, frescoes, and goldwork artifacts.

Minoan Artist

Artisans from the ancient Minoan civilization on Crete, known for their advanced and distinctive art forms, including frescoes, pottery, and metalwork.

Minoan Pottery

Ceramic vessels produced by the ancient Minoan civilization, noted for their elaborate designs, vivid colors, and role in archaeological studies of the culture.