a cartel is a group that agrees to charge monopoly price and quantity, splitting quantity amongst themselves. so a monopoly is one company and a cartel is a group. Profits are lower for cartel members because they only produce a total quantity that is equal to a monopolists production. novanet-businesses making the same product agree to limit production
The name for a formal organization of producers that agree to coordinate prices and production is called a cartel.
Cartel
cartel
Businesses agreed to limit production.
a cartel is a group that agrees to charge monopoly price and quantity, splitting quantity amongst themselves. so a monopoly is one company and a cartel is a group. Profits are lower for cartel members because they only produce a total quantity that is equal to a monopolists production. novanet-businesses making the same product agree to limit production
The name for a formal organization of producers that agree to coordinate prices and production is called a cartel.
A cartel.
Cartel
cartel
Businesses agreed to limit production.
Businesses agreed to limit production.
price fixing
cartel
A cartel
A production limitation involves (a cartel setting a maximum output for the good that all members sell). (apex)
Price Fixng or Cartel.