Which of the Following Statements Is TRUE

Multiple Choice

Which of the following statements is TRUE?
I. A cartel is a single firm with competitive market power.
II. A cartel is a group of firms that practice price discrimination in competitive markets.
III. A cartel is a group of firms that attempt to reduce market output.
IV. A cartel acts as if it were a monopolist in that market.

A) I only
B) II, III, and IV only
C) II only
D) III and IV only