Author Question: A cartel price will be established at the quantity where A) total cost equals the industry total ... (Read 46 times)

Jkov05 · **on:** Jul 1, 2018

A cartel price will be established at the quantity where

A) total cost equals the industry total revenue.
B) average cost equals the industry revenue.
C) the sum of the members' marginal costs equals industry marginal revenue.
D) marginal cost equals industry price.

Question 2

All of the following are characteristics of an oligopolistic market EXCEPT

A) firms must consider the actions of their rivals.
B) cartels eventually form to keep prices high.
C) firms have the ability to influence prices.
D) firms earn lower profits than a monopoly.