(Answered) Inelastic portion of the market demand curve

Economics

Question: Explain in words why a partial cartel of a few firms but not all firms in an industry might operate on the inelastic portion of the market demand curve, whereas a cartel in which all firms in an industry participate will never do so. Hint: consider the model with a dominant firm with a competitive fringe.

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Macroeconomics, Economics

Category:- Macroeconomics
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