A cartel differs from a monopoly in that

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

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

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

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

Question

Social Studies

Mike Burke

1 May, 15:32

A cartel differs from a monopoly in that

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

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

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

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

+3

Answers (1)

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Jocelyn Hubbard · Answer 1

A cartel differs from a monopoly in that businesses making the same product agree to limit production. The correct option in regards to the given question is option "B". In reality a cartel is a group of producers that get together to fix the price, limit production and limit competition. It is actually an agreement between the competing firms with the target of limiting other people from getting into similar business and also to control the prices of the products made.

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