Acartel of four firms that controls 100 percent of the sales in a market, and faces the same cost schedules of a monopolist, will set a price somewhat lower than the monopoly price for its product.

False

Explanation:

The ultimate goal of any business is to make the largest possible profit, and a cartel that controls 100% of a market will not behave any better than a monopolist and sell their products at a lower price. If anything is different, probably one of the cartel members has the brilliant idea of charging an even higher price than a monopolist would do.

The only thing that would make cartel members lower their price is if one of them wants to take advantage of the rest and gain market share, or is in desperate need of money. The Organization of the Petroleum Exporting Countries (OPEC) is the best example of a powerful, though dysfunctional international cartel.

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"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"