A cartel differs from a monopoly in that

A. all the firms involved in the same business merge into one entity.

B. businesses making the same product agree to limit production.

C. one corporation has complete control of a product or service.

D. one firm sets the prices for all goods in an industry.

Question

Social Studies

Kirsten Mcmahon

23 February, 21:34

A cartel differs from a monopoly in that

A. all the firms involved in the same business merge into one entity.

B. businesses making the same product agree to limit production.

C. one corporation has complete control of a product or service.

D. one firm sets the prices for all goods in an industry.

+5

Answers (1)

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Marcelo Bishop · Answer 1

A cartel differs from a monopoly in that B) businesses making the same product agree to limit production. It can be defined as, in the economic sector, "an agreement between competing firms to control prices or exclude entry of a new competitor in a market."

A cartel differs from a monopoly in thatA. all the firms involved in the same business merge into one entity.B. businesses making the same product agree to limit production.C. one corporation has complete control of a product or service.D. one firm sets the prices for all goods in an industry.