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19 August, 10:52

A cartel is a group of firms that attempts to A. behave independently. B. maximize joint profit. C. maximize joint revenue. D. increase consumer surplus.

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  1. 19 August, 10:56
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    Answer: Maximize joint profit

    Explanation: A cartel can be defined as an agreement between two major firms in the industry, which is implemented to restrict the activities of other firms in the industry with the purpose of avoiding competition and thus charging high prices from the customers.

    A cartel is formed for the purpose of profit maximization and competition restriction.

    Thus, from the above we can conclude that the right answer to the problem is option B.
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