Author Question: A cartel is a. a group of oligopolistic firms that engage in formal collusion b. a group of ... (Read 72 times)

WWatsford · **on:** Jun 30, 2018

A cartel is
a. a group of oligopolistic firms that engage in formal collusion
b. a group of monopolistically competitive firms which charge the same price
c. usually legal in the United States
d. an agreement among rival firms to set prices independently
e. illegal throughout the world

Question 2

The underground economy refers to
a. all market activity that goes unreported to the government
b. all market activity that is not subject to government taxation
c. all illegal activity
d. transactions between U.S. citizens and foreign nationals
e. rent-seeking activities on the part of private citizens