In General, an Organization of Sellers Designed to Coordinate Supply

Multiple Choice

In general, an organization of sellers designed to coordinate supply decisions so that the joint profits of the members is maximized is called a(n) ____. If they are successful, the total market output and price will most closely approximate the output and price in a(n) ____ market. (Fill in the blanks.)

A) cooperative; open price-taker
B) cartel; monopoly
C) cartel; open price-taker
D) OPEC; competitive price-searcher