What does production limitation involve?

These are the answer choices for the question:

a. a cartel setting a maximum output for the good that all members sell

b. a government quota restricting the amount of imports from a certain country

c. a group of companies agreeing on a particular price to charge for their products

d. a large company charging below its production cost in order to eliminate competition

And this is the correct

a. a cartel setting a maximum output for the good that all members sell

Explanation:

A cartel is a group of firms that belong to the same sector, or to a similar sector, and that instead of competing amongst themselves, decide to join forces and make agreements that are deemed uncompetitive because they usually result in higher prices for the final consumer.

In this case, a cartel setting a maximum output level of a good would be a form of production limitation that has the intention of keeping output artificially high in order to charge elevated prices to the public, raising the firms' profits, and lowering consumers' surplus. This kind of act would be illegal in many legislations, including U.S. Law.

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