Maximization of joint profits is MOST likely when firms are:

A) perfect competitors.
B) monopolistic competitors.
C) duopolists who collude.
D) natural monopolists.

Joint Profits

Profits that are shared among two or more businesses, typically resulting from a partnership or joint venture.

Duopolists

Two firms that dominate a market or industry, competing directly with each other.

Collude

To secretly agree with others, typically competitors, to cooperate for an illegal or deceitful purpose, such as fixing prices.