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7 February, 07:19

A cartel behaves likeA) a monopolistic competitive firm. B) a perfectly competitive firm. C) a monopolist. D) an oligopolistic firm.

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  1. 7 February, 10:40
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    The correct answer is option C.

    Explanation:

    A cartel is formed in an oligopoly market where there are few firms which are interdependent. These firms formally or informally form an agreement to control price or supply in the market. In this way they are able to get higher profits and protect their interests. Forming a cartel is illegal in most of the countries.

    Cartels act like a monopolist and fix price or supply for all the firms in the cartel.
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