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How would cartel decide optimal pricing and output
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- If a group of sellers could form a cartel, what quantity and price would they try to set?Explain how would cartel decide optimal pricing and output, show graphical analysisHow do pricing strategies vary across markets that are characterized bymonopolistic, oligopolistic, monopolistic competition, and purecompetition?
- Why are cartel agreements often not successful? Different firms experience different costs. All parties would make more money if everyone increased production. One party has an incentive to cheat to make more profit?Evaluate the following statement: "A cartel will put an end to price wars, which is a barbaric form of competition that benefits no one."If a group of sellers could form a cartel, what quantity and price would they try to set? What is the prisoner's dilemma, and what does it have to do with oligopoly?
