Incentive to chisel because market price exceeds

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Reference no: EM13985942

1. Each firm in a cartel has an incentive to chisel because market price exceeds

marginal cost.

average cost.

average variable cost.

average fixed cost.

2. Under the cartel model, each firm produces where

marginal cost equals marginal revenue.

price equals marginal cost.

the average cost curve is at a minimum.

price exceeds marginal cost by the greatest amount.

Reference no: EM13985942

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