Which of the following explains how a cartel with 100 percent ...

[berenicecastro]

Which of the following explains how a cartel with 100 percent control might raise price to monopoly-like levels?
 a. By setting a group output level equal to a profit-maximizing monopolist, and then assigning binding quota shares to cartel members.
  b. By setting an official price that members can secretly undercut.
  c. By forbidding price competition, but allowing non-cooperative rivalry in output levels.
  d. None of the above.

Question 2

The law of diminishing returns applies to which of the following segments of the marginal product of labor curve?
 a. The entire curve.
  b. The downward-sloping segment only.
  c. The upward sloping segment only.
  d. The point where labor input is zero.

[firehawk60]

Answer to Question 1

a

Answer to Question 2

b

[berenicecastro]

Excellent

[recede]

Thanks for the timely response, appreciate it