Order to control the price of vitamins and adjust production

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Reference no: EM131101808

In 2007, five or six major pharmaceutical companies formed a group in order to control the price of vitamins and adjust their production. Such an arrangement is called a ________.

Dominant strategy

Cartel

Duopoly

Monopoly

Firms in an oligopoly often:

face perfectly elastic demand curves.

make decisions based on the behavior or expected behavior of their competitors.

have no incentive to collude.

Reference no: EM131101808

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