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8. Sustainability of Cartel and Facilitating Practices Consider the market for Picasso paintings. Assume that there are four galleries that sell Picasso paintings and they

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8. Sustainability of Cartel and Facilitating Practices Consider the market for Picasso paintings. Assume that there are four galleries that sell Picasso paintings and they have formed a cartel. Further assume that there are a limited number of Picasso paintings in existence, making it difficult for new galleries to acquire Picasso paintings and enter this market. This makes the cartel w sustainable. The most-favoured-customer (MFC) policy discourages firms from prices in the face of reduced demand. Grade It Now Save & Continue Continue without saving

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