Discuss how cartel turns oligopolies into monopoly, Macroeconomics

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Discuss how cartel turns oligopolies into monopoly

Problem

1) In perfect competition, 'firms are price taker'. With help of an example, explain how firms in perfect competition are price takers

2) What is monopoly? Why a monopolist is referred as price maker? Using marginal principle, explain with help of graph, to maximize profit how price-output relationship is achieved by a monopolist.

3) Discuss how cartel turns oligopolies into monopoly.

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Macroeconomics: Discuss how cartel turns oligopolies into monopoly

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Macroeconomics: Discuss how cartel turns oligopolies into monopoly

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