A Cartel Is Defined to Be

Multiple Choice

A cartel is defined to be

A) any oligopolistic industry with fewer than 4 firms.
B) a form of oligopoly in which firms agree to sell at different prices like in monopolistic competition.
C) a form of oligopoly in which firms formally agree to establish a common strategy,often a common price,in effect acting like a monopoly.
D) a form of oligopoly in which firms agree to compete with each other on an equal basis.