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Paralegal Exam Prep

Category - Legal Envrmt

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If oil producers decide to restrict output to make a larger profit, there would be:

A monopoly
An oligopoly
A duopoly
A cartel
More competition

Explanation

Answer: C. If oil producers decide to restrict output to make a larger profit, there would be a cartel. A cartel is an agreement among competitors to control production, reduce competition, or fix prices. Under the Sherman Antitrust Act, cartels are illegal.

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