A Cartel Is a Group of Firms

question 74

Multiple Choice

A cartel is a group of firms

• A) acting separately to limit output, lower price, and decrease economic profit.
• B) acting together to limit output, raise price, and increase economic profit.
• C) legally fixing prices.
• D) acting together to erect barriers to entry.
• E) that compete primarily with each other rather than the other firms in the market.

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Definitions:

Adoptive Siblings

Children who are not biologically related but have become siblings through the process of adoption.

Identical Twins

Siblings born from the same fertilized egg, sharing 100% of their genes and often used in genetics research.

Freudian Approach

A psychological theory or technique based on the work of Sigmund Freud, which emphasizes unconscious motivations and conflicts, especially as they manifest in dreams and symbolic actions.

Unconscious

Relating to the part of the mind that is inaccessible to the conscious mind but that affects behavior and emotions.