Question: Please answer the question below. 1. A cartel is A. An oligopolist that competes with other oligopolists. B. A group of firms using price leadership.

Please answer the question below.

1. A cartel is A. An oligopolist that competes with other oligopolists. B. A group of firms using price leadership. C. The name for firms in any oligopoly market. D. A collusive organization. 2. If Gulfstream and Bombardier, both producers of upscale jet airplanes, were to collude rather than compete, consumers could expect: A. Higher prices and lower quantities offered for sale. B. Lower prices and lower quantities offered for sale. C. Higher prices and higher quantities offered for sale. D. One firm to emerge as the price leader in the oligopoly

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