DQuestion 3 1 pts Which of the following identifies a difference between monopol

Question

DQuestion 3 1 pts Which of the following identifies a difference between monopolies and cartels in oligopoly? O monopolies are always illegal in the U.S. but cartels are not O They are identical in their profit-maximizing decision-making O cartels have competition in the market while monopolies do not O monopolies generate more profits than a cartel in oligopoly D Question 4 1 pts The marginal resource cost curve for a firm O is the cost of hiring an additional worker, and the curve is usually flat O is the cost of hiring an additional worker, and the curve is usually downward sloping O is the cost of producing additional units of output O is the cost of hiring an additional worker, and the curve is usually upward sloping

Explanation / Answer

3. Difference between Monopolies and Cartel is that monopolies generate more profits than a cartel in oligopoly. Although, Cartel;s profit maximising decision is the same as of monopoly but in cartel members will tempted to cheat , as a result the cartel would cease to earn monopoly profits. Hence, option(D) is correct.

4. The marginal resource cost curve for a firm is the cost of hiring an additional worker and the curve is usually upward sloping. Hence, option(D) is correct.

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