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How statement one is incorrect ?
Note: This paper contains seventy five (75) objective type questions of two (2) marks each. All questions are compulsory. 1. Which among the following is/are true for á Cartel1? I. It aims at maximising of individual firm's profit. IL. It decides the total output in the industry to which Cartel represents. III. It does not fix the price at which members sell their output. Answer from the code below: (1) All are true. r (2 Iand II are true. (3) Only II is true. (4) Only I and III are true. 2. Why does demand curve have a negative
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Aabha mishra 1 Best Answer
Cartel in a oligopoly market is a group of firms which jointly aim to maximize firms profit. the price and output determination of the whole industry as well as of each member firm is determined by the common administrative authority so as to achieve maximum joint profits for the member firms.The option 1 is talking about individual profit hence it is not true in this case. I hope the answer is clear to you.