Producer surplus and total surplus of market for groceries

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i) Use a diagram to show the consumer surplus , producer surplus and total surplus of the market for groceries in this small town

ii) Now suppose these small supermarkets successfully form a cartel which behaves like a monopoly, How does this cartel affect the economic welfare of this small town? Explain with a diagram

b) Collusion among oligopolists is difficult because of self interest. Under what condition can oligopolists successfully cooperate?

Reference no: EM13816151

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