Homework Answers
1. Ans D. They must agree on the prices charged by the members, but not agree upon the quantity to be produced - this must be beacuse a cartel formation is usually for price similarity where a firm can earn better through more sales at the same price that is decided as per yhe cartel.
2. Ans. A. Passed to encourage judicial...... - this is because Competition Act is framed to implement policies and programs for encouraging trade among the firms in an encouraging and obedient manner. Where trade will be enhanced as well as the profits with complete rules and no illegal means.
4. Ans. C. Oligopolistic firms are interdependent whereas competitive firms are not- because, Oligopoly markets are known for their cartel formation as their goods are almost similar with very few sellers. On the other hand competitive firms sell similar goods with few differentiated features in their specific products.
5. Ans. B. Bad for the consumers but good for the oligopolist- under the name of goodwill and reputation the consumers get the good from the specific oligopolist but for maintaining profits he maintains the prices a bit higher from the others. This earning is fulfilled because of the goodwill that he has formed over the years.
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please answer all questions!
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