The levels of profits in a cartel are a) initially high, but then decrease as substitute goods emerge. b) initially low, but then decrease as the…

The levels of profits in a cartel are

a) initially high, but then decrease as substitute goods emerge.

b) initially low, but then decrease as the level of competition increases.

c) initially low, but then increase as the level of competition increases.

d) near the monopoly level of profits.

e) zero.