If Two Firms Form a Successful Cartel, Then the Output

question 194

Multiple Choice

If two firms form a successful cartel, then the output that the two produce in total will

• A)be equal to the output in perfect competition.
• B)be equal to the output of a monopoly market.
• C)be greater than the output without the cartel.
• D)be the same as if the market had many firms.

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Definitions:

Ethnocentric Fallacy

The mistaken belief that one's own cultural or ethnic group is superior to others, often leading to misjudgment and bias.

Underrepresented

describes groups or individuals that have less representation in certain areas or fields than their numbers or importance would suggest.

Ethnic Groups

Refers to communities or populations sharing common cultural attributes, ancestry, language, history, society, culture, or nation.

Volunteers

Individuals who offer their time and services freely or without compensation for the benefit of the community or a cause.