Business, 30.03.2020 15:14 21vdawson

Gary's Gas and Frank's Fuel are the only two providers of gasoline in Smalltown. Gary and Frank decide to form a cartel to raise the price of gasoline. The total industry profits are highest when and Gary's profits are highest when .

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Answer from: qwertylol12345

Niether firm cheats on the cartel agreement; Gary Cheats on the cartel agreement and Frank doesn't.

Explanation:

Gary's Gas and Frank's Fuel are examples of a duopoly.

A duopoly is when two firms dominate an industry.

A cartel is when firms come together collusively in order to increase their profits.

A cartel involves either agreeing on the price to sell a product or the quantities of a product to produce.

When two firms form a cartel and one firm cheats on the agreement, the party that cheats earns the highest profits.

When two firms form a cartel and both firms cheat on the agreement, both parties earn the lowest profit.

When two firms form a cartel and both firms keep to the agreement, the profit earned by both firms is higher than when both parties cheat on the agreement but lower than the profit earned when one company cheats.

I hope my answer helps you

Answer from: Quest

answer; i do believe that the correct answer is ; ///are valued more highly than their cost;

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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Gary's Gas and Frank's Fuel are the only two providers of gasoline in Smalltown. Gary and Frank deci...

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