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:

Ownership

The state or fact of exclusive rights and control over property, which can be an object, land/real state, intellectual property, or something else.

Quitclaim Deed

A deed that carries no warranties. The grantor simply conveys whatever interests he or she holds.

General Warranty Deed

A deed containing a covenant in which the seller agrees to protect the buyer against being dispossessed because of any adverse claim against the land.

Quitclaim Deed

A legal document transferring a person's interest in real property without guaranteeing its clear title.