1. you notice that juice is now selling for much higher prices than in the past. which two things would you expect to happen next? (select two answers.) question 1 options: demand will go up demand will go down supply will go up supply will go down 2. many of the economic regulations put in place by the u. s. government are intended to do which two things? (select two answers.) question 2 options: reduce competition prevent companies from taking unfair advantage of consumers create monopolies prevent consumers from supporting small businesses large companies get more powerful 3. promote competition question 3 (1 point) question 3 unsaved a popular celebrity promotes a certain brand of clothing, and this increases the demand for that brand of clothing. what two things would you expect to happen next? (select two answers.) question 3 options: the price will go up. the price will go down. the producer will increase the supply. the producer will decrease the supply.

The new york times (nov. 30, 1993) reported that “the inability of opec to agree last week to cut production has sent the oil market into turmoil . . [leading to] the lowest price for domestic crude oil since june 1990.” why were the members of opec trying to agree to cut production? so they could save more oil for future consumption so they could lower the price so they could raise the price why do you suppose opec was unable to agree on cutting production? because each country has a different production capacity because each country experiences different production costs because each country has an incentive to cheat on any agreement the newspaper also noted opec’s view “that producing nations outside the organization, like norway and britain, should do their share and cut production.” what does the phrase “do their share” suggest about opec’s desired relationship with norway and britain? opec would like norway and britain to keep their production levels high. opec would like norway and britain to act competitively. opec would like norway and britain to join the cartel.