Suppose a Cartel Operates in the Widget Industry

question 93

Multiple Choice

Suppose a cartel operates in the widget industry. It would be weakened if:

• A) all the firms produced the same type of widget.
• B) there were no substitutes for a widget.
• C) all the firms produced the same quantity of widgets.
• D) one of the cartel members sells widgets at a lower price.

---

Definitions:

Terminal Values

Terminal values are the lifelong goals or objectives that an individual seeks to achieve, representing desired end states of existence.

Instrumental Values

Values that are means to achieving an end; they represent the behaviors and methods that are desirable in order to reach goals.

Social Responsibility Strategy

A plan or approach adopted by a business to contribute positively to society and address social issues through its operations, products, or services.

Deny Responsibility

Refusal to accept responsibility for actions or decisions.