All categories

2 years ago

A cartel differs from a monopoly in that ________.

Business

2 answers:

Harrizon [31]2 years ago

4 0

A cartel differs from a monopoly in that by businesses making the same product agree to limit production.

Further Explanation:

Cartel: It is an association formed by manufacturer, supplier, or both to limit production level, to fix prices, or to share customers or markets among themselves.

Monopoly: It is a market structure characterized by one producer selling a unique product. There are barriers to exit and entry. The firm in the monopoly is price maker, not the price taker.

Justification for the correct and incorrect answer:

One corporation has complete control of a product or service: This option is incorrect.

In the case of monopoly, there is a single producer who has control over services or product. In the case of a cartel, there are many producers who form an association to limit the supply or to fix the prices.

Businesses making the same product agree to limit production: This option is correct.

In the case of a monopoly, there is only a single producer who sells unique services or products. In the case of the cartel, there are many producers who are selling the same product agree to form an association to limit the supply or to fix the prices.

One firm sets the prices for all goods in the industry: This option is incorrect.

The one firm setting the price for product or service is a characteristic of the monopoly, but the cartel is characterized by many firms that agree to set the price.

All the firms involved in the same business merge into one entity: This option is incorrect.

The monopoly is characterized by a single producer, so it cannot merge with other business and cartel is an association of producer, supplier, or both.

Learn more:

1. Demand and type of goods

brainly.com/question/11220857

2. Demand and supply of goods

brainly.com/question/11045011

3. Elasticity of demand

brainly.com/question/2396092

Answer details:

Grade: High School

Subject: Economics

Chapter: Types of markets

Keywords: A cartel, a monopoly, agree to limit production, control of a product or service, set the prices for all goods, same business merge into one entity, all the firms involved in, business making the same product, merge into one entity, one firm sets the prices, all goods in a n industry.

Marrrta [24]2 years ago

3 0

I believe the answer is: B. businesses making the same product agree to limit production.

In a monopoly, only one single business exist that control the production of a certain goods in the market.
For cartel, there are a lot of established businesses with different ownership, but they agreed to control their production in order to maintain the price level in the market.

You might be interested in

A consulting firm has two departments, Corporate and Government. Computer support is common to both departments. The cost of com

mestny [16]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

The cost of computer support is $13.27 million.

Gigabytes of Storage - Number of Consultants:

Corporate 98,200 145

Government 60,000 175

Fixed computer costs of $7.43 million are allocated based on the number of consultants.

Variable costs are allocated based on the number of gigabytes of storage used by the department.

First, we need to determine the estimated overhead allocation rate for each type of cost (fixed and variable).

To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Fixed costs:

Estimated manufacturing overhead rate= 7,430,000/(145 + 175)= $23,218.75 per consultant.

Variable cost:

Estimated manufacturing overhead rate= (13,270,000 - 7,430,000)/ (98,200 + 60,000)= $36.91 per gygabyte

Now, we can allocate overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Corporate:

Allocated MOH= 23,128.75* 145 + 36.91*98,200= $6,978,230.75

Government:

Allocated MOH= 23,128.75*175 + 36.91*60,000= $6,262,131.25

6 0

2 years ago

Jefferson Company has sales of $306,000 and cost of goods available for sale of $270,600. If the gross profit ratio is typically

Mice21 [21]

Answer:

$56,400

Explanation:

Jefferson company has a sales of $306,000

The cost of goods available for sale is $270,600

The first step is to calculate the gross profit

= 306,000 × 30/100

= 306,000 × 0.3

= 91,800

The cost of goods sold can be calculated as follows

= $306,000-91,800

= $214,200

Therefore the estimated cost of ending inventory under the gross profit method can be calculated as follows

= $270,600-214,200

= $56,400

6 0

2 years ago

A company wishes to monitor the variation in the length of time it takes to process and send a bill to a customer. Seven bills w

vichka [17]

Answer:

B. R-chart

Explanation:

An R-charts is used in monitoring the variation of a process, and it is based on samples that are taken from the process at given times , for example, hours, shifts, days, weeks, months, etc. In other words, an R-chart is a type of control chart that is used to monitor the process variability (for example the range) when measuring small subgroups (n ≤ 10) at regular intervals from a process.

R-charts are the most commonly used control charts for the process variation, because they are the simplest to calculate.

6 0

2 years ago

Select the correct answer.

nevsk [136]

Answer:

Explanation:

1. Code: Put Roar Over Baby At Bath In Lipstick In Tanks Yeti

2. Code: Eat Dinner Use All Cathy All Tea Eat Dinner-Gill Use Eat Snake Snort

3. Code: All Limp Wimp Any Yeti Snakes C

5 0

2 years ago

MaryJo, a job applicant at Sleep Corp., discovers that the job she is applying for requires her to be a union member before bein

harkovskaia [24]

Answer:

The correct answer is B

Explanation:

Closed shop arrangement is the form or kind of an agreement of union security under which the employer of the company agreed to hire the union members only and employees must be the members of the union at all times, so as to be remained employed.

So, MaryJo, is applying for a job where she require to be a union member before getting hired. So, it is a closed shop arrangement.

8 0

3 years ago

Read 2 more answers