Which of the following traits is not used to define a cartel? A group of firms...
Which of the following traits is not used to define a cartel? A group of firms that act as one A group of firms that jointly maximize profits A group of firms that limit output Firms in the same industry that act independent of each other
Homework Answers
Answer :- A group of firms that limit output Firms in the same industry that act independent of each other.
Explanation :-
=>A cartel is a group of independent market participants who related with each other in order to improve their profits and dominate the market and output.
=> so under Cartels they act as a one and maximize jointly profit.
=> group of firms acting together to limit output and changes price etc.
=> so last given statment is not true
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