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:

Altered State

A condition of significant deviation from one's normal cognitive, emotional, or behavioral state, often induced by stress, meditation, drug use, or psychiatric disorders.

Consciousness

The state of being aware of and able to think about one's surroundings, actions, and thoughts.

Circadian Cycle

An innate system that controls the cycle of sleeping and waking, repeating approximately every 24-hour period.

Consciousness

The state of being awake and aware of one's surroundings, thoughts, and feelings.