fill in the blanks

2. Fill in the blanks to make the following statements correct. a. If all firms in an industry joined together and behaved as a single seller, they could maximize their joint We refer to such a group as a b. To maximize joint profits, a cartel must reduce and raise compared to the perfectly competitive levels. c. Cartels tend to be unstable because any individual firms has an incentive to by selling than the agreed upon output. d. If a cartel is to succeed in the long run it must restrict by new firms