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(12) (3 points) Which of the following statements is true of a cartel with several identical firms that tacitly agreed to set the price at
(12) (3 points) Which of the following statements is true of a cartel with several identical firms that tacitly agreed to set the price at the monopoly level and split the market equally: a. if one firm cheats, it gains in profit more than the total losses of all other firms b. with more firms in the cartel, cartel's total profits would be lower c. all of the above d. none of the above
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