Once a Cartel Is Formed, the Market Is in Effect

question 128

Multiple Choice

Once a cartel is formed, the market is in effect served by

• A)a monopoly.
• B)an oligopoly.
• C)imperfect competition.
• D)monopolistic competition.

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Definitions:

GDP

Gross Domestic Product, the total market value of all final goods and services produced within a country in a specific period.

Devaluation

Government policy that lowers the nation’s exchange rate so that its currency is worth less than it had been relative to foreign currencies.

Currency

Coins and paper money that serve as a medium of exchange.

Exports

Goods and services produced in a nation and sold to customers in other nations.