Business, 15.04.2020 01:03, batmandillon21

Trendy's and Style Store are the only two clothing manufacturers in a market. The two stores wish to collude to form a cartel. Based on the payoff matrix to the right, what level of output should each firm select if they wish to maximize joint profits? The first number in each pair is Trendy's profit; the second is Style Store's profit. All numbers are in millions of dollars. Trendy should choose ▼ a high output a low output , and Style Store should choose ▼ a high output a low output . One reason why this cartel is likely to fail is because A. the cartel's output is too high. B. each firm has an incentive to cheat and produce more. C. it is not profitable. D. there are too many firms in the market.

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Trendy's and Style Store are the only two clothing manufacturers in a market. The two stores wish to...