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vagabundo [1.1K]
3 years ago
9

A CARTEL IS DEFINED AS A FORMAL ORGANIZATION OF PRODUCERS THAT AGREE TO COORDINATE PRICES & PRODUCTION.

Business
1 answer:
Elden [556K]3 years ago
3 0

Answer:

cartel - an agreement by a formal organization of producers to coordinate prices and production

Explanation:

Who are the OPEC plus countries?

Currently, the Organization comprises 15 Member Countries – namely Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, IR Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.

Member: Iran, Iraq, Ecuador

Place founded: Baghdad

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When the elasticity of demand for a product is __________ the elasticity of supply, consumers pay __________ of the tax on the p
mezya [45]

When the elasticity of demand for a product is smaller than the elasticity of supply, consumers pay majority of the tax on the product.

The way the tax burden is distributed between purchasers and sellers is known as the tax incidence.

The relative price elasticity of supply and demand determines the tax incidence.

Usually, both the producers and the consumers of the taxed goods bear the incidence, or burden, of the tax.

But all we have to do is look at the elasticity of demand and supply to determine which group will be carrying the bulk of the load.

The majority of the tax burden falls on consumers when supply is more elastic than demand.

The majority of the tax burden falls on the producers when demand is more elastic than supply.

The less elastic the demand and supply are, the higher the tax revenue.

Hence, When the elasticity of demand for a product is smaller than the elasticity of supply, consumers pay majority of the tax on the product.

Learn more about elasticity of demand:

brainly.com/question/24961010

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6 0
1 year ago
Once a civilization had a surplus of food, it could support which of the following?
erica [24]
What are the options?
5 0
3 years ago
Read 2 more answers
The marketing manager at Widgets R Us became aware that a leading competitor was conducting an extensive customer survey. Somewh
muminat

Answer:

Problem definition.

Explanation:

Problem definition is the process of identifying an area for improvement, a difficulty that needs eliminating, or problem to be solved.

The marketing manager at Widgets R Us did not define a problem before starting their own survey.

Problem definition directs the focus of the survey, without a defined problem the survey will be of no use.

3 0
3 years ago
The balance sheet of Mister Ribs Restaurant reports current assets of $36,000 and current liabilities of $18,000. Calculate the
AveGali [126]

Answer:

2

Explanation:

The current ratio is a measure of a company's ability to pay its current liabilities as they mature. It is a liquidity ratio. The formula for calculating the current ratio is current assets divide by current liabilities.

i.e., the current ratio = current assets/ current liabilities

For Mr. ribs restaurant.

current ratio = $36,000/ $18000

current ratio = 2

<u>Whether current ration will increase or decrease</u>

a).<u> paid cash $4500 for a new oven</u>

current assets will decrease by $4500. new ratio will 31000/18000

which is 1.75. The oven is not a current asset.

The current ration will decrease

b<u>). Received cash  $4,500 as a contribution from an investor</u>

Increases cash but does not affect liabilities since stocks are not debts. new ration $40,500/ $18000= 2.25.

Increases the current ratio

c). <u>Borrowed $8,280 cash from a bank, issuing a note that must be repaid in three yea</u>rs.

Increased cash by $8250 and current liabilities by $2750($ 8,250/3)

New ratio = $44,250/20,750= 2.13.

Increases current ratio

d)<u>Purchased $700 of napkins, paper cups, and other disposable supplies on account</u>.

Reduces current assets (cash) by $700,  disposable napkins, paper cups can not be classified as assets. The action does not affect liabilities since they were paid for in cash. new ratio =$ 35,300/ $18,000 = 1.96:

Reduces current ratio

3 0
3 years ago
Mia, an administrative assistant in the business division of a university, is assigned the responsibility of serving the needs o
Anika [276]

Answer: The professors have failed to engage Mia.

Explanation: Since Mia is an administrative officer, assigned with the role of serving the needs of the division's professor, her having plenty of ’free time’ simply tells the professors do not engage her well enough in her primary duty as an administrative officer to keep her busy.

4 0
3 years ago
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