Cartels Are Defined As

question 47

Multiple Choice

Cartels are defined as:

• A) a single seller of a product.
• B) oil producers and exporters.
• C) an organized group of firms that acts like a monopoly.
• D) a large group of firms that exerts little influence in the market.

---

Definitions:

Necessity

The condition or situation of being required or indispensable, often invoked in legal contexts where actions are taken out of an unavoidable need.

Contract

A legally binding agreement between two or more parties.

Warranty of Authority

An assurance provided by an agent to a third party that they have the authority to act on behalf of another person or entity in a legal or business transaction.

Breach

The violation or infringement of a law, duty, agreement, or trust.