Cartels are
A. difficult to organize.
B. difficult to preserve.
C. especially unlikely to succeed if the members sell many varied products.
D. All of the responses are correct.
Answer: D
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The cross price elasticity of demand for a good is the percentage change in the quantity demanded in response to a given percentage change in
A) income. B) the price of that good. C) the price of another good. D) the quantity demanded of another good.
A fixed exchange rate
a. is a declared rate that is maintained by central bank intervention in the foreign exchange market b. is a rate that is fixed by the forces of supply and demand c. is a rate that is determined by trilateral arbitrage d. "fixes" the value of a nation's price level e. is a mechanism for eliminating a trade deficit