Multiple Choice
What is a cartel?
A) A temporary storage facility for automobiles.
B) A group of firms that enter into an informal agreement to fix prices to maximise joint profits.
C) A group of firms that enter into a formal agreement to fix prices to maximise joint profits.
D) An example of a group of firms that collectively regulate a competitive industry.
Correct Answer:
Verified
Correct Answer:
Verified
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