11) Let's say three businesses decided to “collude" and form a cartel. This would be illegal in the USA, but let's suppose they were still able to do so. What market structure would they be forming? What do you think would happen to the price of the product and the quantity that is being produced?

11) Let's say three businesses decided to “collude" and form a cartel. This would be illegal in the USA, but let's suppose they were still able to do so. What market structure would they be forming? What do you think would happen to the price of the product and the quantity that is being produced?

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter11: Monopolistic Competition, Oligopoly, And Game Theory

Section11.3: Price And Output Under Cartel Theory

Problem 1ST

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