If a cartel is unable to monitor its members and punish those firms that violate the agreement, then
A) the member firms will each act as price setters.
B) the cartel will prosper in the long run.
C) the market will become a monopoly.
D) the cartel will fail.
D
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An example of a quota is a:
A) limit on the total number of Honda automobiles imported from Japan. B) regulation specifying that each imported Honda automobile must meet certain emission exhaust guidelines. C) tax of 10 percent of the value of each Honda automobile imported from Japan. D) subsidy from the Japanese government of $500 for each Honda automobile imported into the United States.
What is the least accurate description of movements in real wages between 1800-1860?
a. U.S. wages grew relative to those of England. b. The wages of females increased relative to those of males. c. The wages of skilled laborers increased faster than those of unskilled laborers. d. The U.S. became more unequal in terms of income.