MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Instability of Cartels

A group of bu...

Question

A group of business firms constituted with the objective of limiting competition in the market so as to maximize the profits. This is an example of which of the following?

A

Collusion

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

Cartel

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

C

Non-collusion

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

Monopolists

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is B Cartel
A group of business firms constituted with the objective of limiting competition in the market so as to maximize the profits and sharing the market is known as a cartel.

Suggest Corrections

thumbs-up

0

Similar questions

Q. A perfectly competitive firm has the following cost schedule

Output (units)	0	1	2	3	4	5	6	7	8	9	10
MC(Rs.)	-	11	10	9	8	7	6	7	10	13	19
TC(Rs.)	9	20	30	39	47	54	60	67	77	90	109

If the market price is Rs. 13, to maximize profits the firm should produce ___________.

What conditions must hold if a profit-maximizing firm produces positive output in a competitive market?

Q. You have been hired as the marketing manager of a company selling smartphones. You want to adjust the price of a new model so as to maximize profits. Which domain of economics does this problem come under?

Q. Price-taking firms, i.e., firms that operate in a perfectly competitive market, are said to be small relative to the market. Which of the following best describes this smallness?

Q. Give an example to show that a business firm operates within numerous inter related factors constituting the business environment. (Hint: example highlighting the inter relatedness of dimensions of business environment).

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

The Oligopolists

ECONOMICS

Watch in App

explore_more_icon

Explore more

Instability of Cartels

Standard XI Economics

Join BYJU'S Learning Program

CrossIcon