When a Cartel Maximises Its Profit

question 121

Multiple Choice

When a cartel maximises its profit,

• A) total output is greater than it would be without collusion.
• B) the industry level of output is efficient.
• C) industry marginal revenue equals industry marginal cost at the level of total output.
• D) each firm necessarily produces the same amount.

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Definitions:

Marginal Cost Element

An increase in total cost that results from producing one additional unit of a good or service.

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Individuals who create, organize, and operate businesses, taking on financial risks in the hope of profit.

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New and emerging companies, typically in the technology sector, that aim to address market needs through innovative products or services.

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Individuals occupying the highest level of management in an organization, responsible for making overarching decisions and setting strategic goals.