Question

The agreement made between the firms to make pirce and output decisions is said to be

Answer 1

Heya..

Cartels is the answer..

The agreement made between the firm's to set prices and output quantity is called cartels...

Answer 2

The agreement made between the firms to make price and output decisions is said to be a cartel

Explanation:

• A cartel is when a group of enterprises collaborate together for making decisions on output and price of their products.  The cartel markets  give rise to oligopoly  condition of the market.
• This happens in conditions where there are few number of companies in the market and every company has their specific market share in the economy.  
• These companies get together to dominate the market and increase their strength together in the market. They work together and decide on the quantity of output and the prices that they would charge for their products.

To know more about a cartel

A cartel differs from a monopoly in that ____-

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