Question: If it is possible for the existing firms in an industry to cooperate completely, then we would expect this cooperation to lead to: a)

If it is possible for the existing firms in an industry to

If it is possible for the existing firms in an industry to cooperate completely, then we would expect this cooperation to lead to: a) a market price established close to the competitive price. b) the production of a monopoly level of output and the establishment of a monopoly price. c) only a normal profit to be earned by the firms. d) the firms to produce that output level which corresponds to minimum LAC.

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