A cartel is
A) a group of producers that agree to set common prices and output quotas.
B) a group of consumers that bid against each other for the same product.
C) a government agency that regulates markets.
D) an arbitrator to settle disputes between consumers and producers.
Answer: A
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Explain the statement: “Clean air and water have become increasingly scarce and valuable resources because they have been treated in the past as if they were free and unlimited in supply.” What methods might be used to internalize spillover costs?
Please provide the best answer for the statement.
Which of the following is included in determining Gross Domestic Product?
A. a housewife preparing dinner B. a gardener canning vegetables for consumption during the winter C. the purchase of a newly built house D. the purchase of a used car