What is a cartel and how it reads to market failure

Q: When OPEC raised the price of oil dramatically in the mid-1970s, experts said it was unlikely that…

A: OPEC: OPEC stands for Organisation of the Petroleum Exporting Countries. It is an intergovernmental…

Q: Explain what the "tit-for-tat strategy" is and how it can be used in a cartel with two participants

A: In an oligopoly market, tit-for-tat strategy is one of the forms of game theory used by market…

Q: Breakdown of a cartel agreement

A: To avoid uncertainty , price wars and cut throat competition firms enter into agreements and forms…

Q: In order to be successful, a cartel must find a way to encourage members to produce more than they…

A: The correct answer is C ‘agree on the total level of production and on the amount produced by each…

Q: A film called The 33 tells the story of 33 coal miners in Chile who were trapped inside a collapsed…

A: A cartel is a group of producers, businesses, firms, or organizations that work as a group to…

Q: Cartels usually breakdown because of what? Cartels can only be effectively run if they use Game…

A: A cartel is a gathering of free market members who connive with one another to work on their…

Q: Explain in detail how does a cartel operate.

A: A cartel is formed when a group of producers band together to work together, protect their…

Q: Firms have an incentive to form a cartel but once it is formed, they have an incentive to cheat"…

A: Cartel is defined as an agreement between the firms to collude and act as a monopoly in order to…

Q: What’s the difference between oligopoly and monopoly

A: Difference between oligopoly and monopoly are as follows: 1.Oligopoly has few sellers whereas…

Q: Explain what you know about collusion and cartels, including: definition, formation of motives,…

A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: Why are monopolies for the most part illegal?

A: Monopoly Market: Monopoly market refers to the market situation where a single firm enjoys the…

Q: how conflicting affecting cartels and like cartels like opec fail to reachto consensus on price and…

A: A cartel is essentially an economic coalition of producers and manufacturers that aims to manipulate…

Q: What is a cartel and how it reads to market failure, and construct a diagram as well

A: Cartel is an arrangement by which the firms collude and decide on a common price-output policy. This…

Q: What is a cartel? In what way is an analysis of cartel similar to an analysis of a monopoly

A: There are different types of market structure in an economy. These are- perfect competition,…

Q: rtels are the group that is created by the firms in the market to gain control over the prices and…

A: Cartel is when multiple firms conspire to optimize the quantity and thus keep prices in a range band…

Q: oligopoly and monopoly market?

A: Oligopoly and monopoly are two types of market structures.

Q: fail.

A: Cartel - It is a situation when the independent enterprises collude together to charge a monopoly…

Q: assuming that you own one of three gas stations in a little town and you and the other gas station…

A: Market is a place where the buyers and sellers interact with each other and make their trading…

Q: If a group of sellers could form a cartel, what quantity and price would they try to set?

A: A cartel in economics refers to a group of producers work together to protect some common interests.…

Q: Offer one reason why it is difficult for oligopoly firms to sustain a cartel.

A: An oligopoly is a market arrangement in which a small number of significant sellers or producers…

Q: Cartels usually breakdown because of what? Cartels can only be effectively run if they use Game…

A: It very well may be referenced that cartels can not exclusively be run actually by game hypothesis…

Q: What are some examples of cartels that failed over the year

A: Cartel means a group of company or business that belongs to the same industry are make a group of…

Q: How are oligopoly and monopolistic competition alike? How are they different?

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: If south africa increased its production by 1,000 diamonds while russia stuck to the cartel…

A: Answer - Need to find - Profit will increase or decrease  Given in the question- If south africa…

Q: Between Monopolistic competition and Oligopoly, which do you think is better in an economy? Why?

A: Under oligopoly, there are some sellers and a large number of buyers can be seen while the decisions…

Q: Why is collusion or coordination (such as cartels) not prevalent in the United States and other…

A: The collusion or coordination in the market is illegal under the antitrust law in the united states…

Q: “Firms have an incentive to form a cartel,but once it is formed,they have an incentive to…

A: Cartels are formed when two firms decide to collude among themselves. They are part of duopoly…

Q: Explain the circumstances under which cartels may fail. Refer to microeconomics and show a diagram.

A: A cartels could be a assortment of freelance businesses or organizations that conspire so as to…

Q: Is it possible that the violent members of the drug cartels can behave like cartels in legitimate…

A: Cartels are the group that is created by the firms in the market to gain control over the prices and…

Q: Describe the source of tension between cooperation and self interest in a market characterised by…

A: The market structure can be dived into four based on the degree of competition and the type of goods…

Q: Why do cartels tend to break down? Oa. Profits encourage cartel members to cheat. Ob. Cartel members…

A: As economies and societies developed, the study of economics got more complicated. Hence, as a…

Q: How is monopolistic competition like monopoly, perfect competition and oligopoly?

A: Monopolistic Competition is an arrangement of the market where many firms are producing and selling…

Q: cit collusion is true? a) It may result in firms making less than maximum profit b) It can lead…

A: Tacit collusion is a collusion between the competitors, which do not tend to explicitly exchange…

Q: how do monopolies affect societys well being?

A: In case of a Monopoly there is a single seller who controls the entire market. The firm is a Price…

Q: Discuss a cartel, how it works and problems it faces.

A: A cartel refers to a situation when the group of producers works together to protect their…

Q: just answer the subpart d a. Explain what you know about collusion and cartels, including:…

A: d. Collusion: Collusion is an agreement between rivals which in general is considered as…

Q: profits equally among its 11 member firms. (i) Find the quantity produced by each cartel firm. (ii)…

A: Note: Since, you've posted question with multiple sub-parts, we will solve the first the first three…

Q: I am trying to sell widgets and have determined the supply and demand functions to be: Supply price…

A: Consumer Surplus refers to the unique buyer surplus is the net income to a certain buyer from the…

Q: Which benefit is shared by both monopolies and oligopolies?

A: A monopoly is a market where there is only one seller with a large number of buyers and there is no…