During certain periods in the past few decades, if one of the three major breakfast cereal producers in the United States announced a price increase, the other two announced a similar price increase. This is a good example of
a. monopolistic competition
b. a cartel
c. a pure monopoly
d. the kinked demand curve model of oligopoly
e. the price leadership model of oligopoly
Question 2
According to William Niskanen, bureaucrats seek to
a. maximize profits
b. maximize tax revenues
c. maximize budgets
d. minimize variable costs
e. minimize total costs
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