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You read that 40 firms that grow and export strawberries to the United States decide to form a ...

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You read that 40 firms that grow and export strawberries to the United States decide to form a ...

You read that 40 firms that grow and export strawberries to the United States decide to form a cartel. The cartel aims to raise the price of strawberries and reduce output to increase profits for the strawberry growers. You predict that this cartel will probably

▸ not be successful because there are too many firms that are trying to organize the cartel and there are a number of good substitutes for strawberries.

▸ not be successful because it is difficult to export a perishable product like strawberries.

▸ be successful because the demand for strawberries is very inelastic.

▸ be successful because enforcing the rules among only 40 firms is very manageable.

Textbook

Principles of Economics

Edition: 12^th

Authors: Case, Fair, Oster

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Just got PERFECT on my quiz

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