Suppose an Oil Cartel Has an Agreement to Restrict Members

question 9

Multiple Choice

Suppose an oil cartel has an agreement to restrict members' production in order to maintain a price of $40 per barrel.A single cartel member may want to cheat and exceed its quota so that it can:

• A)reduce its costs.
• B)charge higher prices.
• C)make demand more inelastic.
• D)earn a bigger profit.
• E)become a monopolist.

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