In a Typical Cartel Agreement,when Does the Cartel Maximize Profit

question 124

Multiple Choice

In a typical cartel agreement,when does the cartel maximize profit

• A)when it behaves as a monopolist
• B)when it behaves as a duopolist
• C)when it behaves as a monopolistically competitive firm
• D)when it behaves as a perfectly competitive firm

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Definitions:

Wish Fulfillment

is a concept in psychoanalytic theory suggesting that dreams or fantasies are a means for individuals to satisfy unmet desires or needs.

Reflexive Action

An automatic, involuntary reaction to a stimulus, bypassing conscious thought.

Id

In Freud’s structural model, the part of personality concerned with immediate gratification of needs.

Structural Model

Freud’s model of personality that divides personality into the id, ego, and superego.