Question

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Question 21 Not yet answered A market with three firms in competition with each other has a equilibrium price of $5 and equilibrium quantity of 10,000. If the three firms form a cartel, the cartel, set price will be than $5 and the set quantity will be than 10,000. Points out of 1,00 P Flag question Select one: • A greater, less B. less: greater C. greater greater D. less: less The European Union antitrust law focuses on which of the following? Duet 22 Not yet answered Points out of 1.00 P a question Select one: . A. ethics B.consumer welfare C. the means to monopolize a market D furthering the social interest

Answer 1

21. Ans - a) greater; less

Explanation:

It is so because the competition will end as the firms form cartel and the purpose of forming cartel is to increases profit which will increase when they increase price and reduce quantity.

22. Ans - C) means to monopolize a market.

23. Ans - A) It is equal to price for all unit produced.

It is false because the marginal revenue curve for monopoly is downward sloping so marginal revenue is always less than price.

24. Ans - A) Is producing the agreed upon quantity.

Explanation:

It is so because the cartel firm act as monopoly and produce where MR = MC.