Why would a member of a cartel cheat?
What will be an ideal response?
After setting a common price or production quotas, a member of a cartel can earn more profits individually by "cheating": setting a slightly lower price than the cartel price and producing and selling more output than specified under the cartel agreement.
Economics
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Which of the following is the best example of an artificially scarce good?
a. premium cable channels b. lobster c. college classes d. gasoline
Economics
The ability to read, write, and run calculations are examples of human capital.
Answer the following statement true (T) or false (F)
Economics