Suppose Eileen earns $650 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $9 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Clancy $400 per week to work the cash register. Clancy uses $175 to purchase necklace from Classy's Jewelry Store.

Identify whether each of the following events in this scenario occurs in the factor market or the product market.

1). Hubert earns $450 per week working for Pillmart Pharmacy. 2). Kate earns $875 per week working for Classy's Jewelry Store. 3). Hubert spends $325 to purchase necklace from Classy's Jewelry Store.

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.