A cartel is defined to be A) any oligopolistic industry with fewer th
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.
ANSWER
C
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