11) Let's say three businesses decided to “collude" and form a cartel. This would be illegal in the USA, but let's suppose they were still able to do so. What market structure would they be forming? What do you think would happen to the price of the product and the quantity that is being produced?

11) Let's say three businesses decided to “collude" and form a cartel. This would be illegal in the USA, but let's suppose they were still able to do so. What market structure would they be forming? What do you think would happen to the price of the product and the quantity that is being produced?

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

Problem 4PA

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