The major economic objective of cartels is to
A)impose their political will on others.
B)restrict output, push up price, and increase profits.
C)reduce costs.
D)develop new ways of doing things.

Question

Quizplus · Accepted Answer

Cartels aim to restrict output, which creates a shortage of the product, and as a result, the price of the product goes up. This increased price of the product helps the cartel members earn higher profits. Therefore, the major economic objective of cartels is to push up prices and increase profits by restricting output.

The Major Economic Objective of Cartels Is to