Answer the questions about cartels and the specific case of opec. which statement is generally true of cartels? cartels never stick to their agreed‑upon quotas. cartels usually raise prices by expanding output. cartels collude to raise prices and profits. in the united states, cartel members can legally meet to set prices. which statement is true of opec? opec includes only nations from the middle east. opec agreements are enforced by international law. opec sets production quotas in order to restrict supply. the united states is a leading member of opec.

Richard is one of the leading college basketball players in the state of florida. he also maintains a good academic record. looking at his talent and potential, furman university offers to bear the expenses for his college education.

Sailcloth & more currently produces boat sails and is considering expanding its operations to include awnings for homes and travel trailers. the company owns land beside its current manufacturing facility that could be used for the expansion. the company bought this land 5 years ago at a cost of $319,000. at the time of purchase, the company paid $24,000 to level out the land so it would be suitable for future use. today, the land is valued at $295,000. the company has some unused equipment that it currently owns valued at $38,000. this equipment could be used for producing awnings if $12,000 is spent for equipment modifications. other equipment costing $490,000 will also be required. what is the amount of the initial cash flow for this expansion project?

Why does the downward-sloping production possibilities curve imply that factors of production are scarce?