What is the name for a formal organization of producers that agrees to coordinate prices and production called? an oligopoly a cartel price fixing collusion?

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asked Dec 2, 2018 38.6k views

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EricWF · Answer 1 · 2018-12-03T08:47:31+0000

Answer & Explanation:

The kinked-demand curve explains why firms in an oligopoly resist changes to price. If one of them raises the price, then it will lose market share to the others. If it lowers its price, then the other firms will match the lower price, causing all the firms to earn less profit.

What is the name for a formal organization of producers that agrees to coordinate prices and production called? an oligopoly a cartel price fixing collusion?

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