What is the correct term used to describe a group of firms that act in unison in order to set price and output for goods in the market?
A)Oligopoly
B)Cartel
C)Monopoly
D)Barrier to entry

Question

Quizplus · Accepted Answer

A cartel is a group of firms that act in unison in order to set price and output for goods in the market.
Key Takeaway: A cartel is a formal agreement that is created among competing business in order to effectively market and produce a good, as well as fix prices over the market. Cartels are common in an oligopoly, where there are only a few sellers selling one type of product. The overall aim of a cartel is to increase profits by wiping out the competition.

What Is the Correct Term Used to Describe a Group