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Economics Mcqs
Q
Suppose that the firms collude and become a cartel The best level of output for the cartel as a whole is ___________ the price equals __________ and profits total __________?
AA. 2 million barrels per day, $100, $60 million
BB. 4 million barrels per day, $80, $160 million
CC. 6 million barrels per day, $60, $60 million
DD. 8 million barrels per day, $40, $20 million
Correct Answer:
B. B. 4 million barrels per day, $80, $160 million