Recall the Application About the Attempt to Form a Salt

question 95

Multiple Choice

Recall the Application about the attempt to form a salt cartel in the 19th century to answer the following question(s) .
-Recall the Application.Why did the salt cartel fail to get established,even though it paid new firms not to produce salt for a year?

• A) Individual firms cheated on the cartel by selling outside the cartel.
• B) The artificially high price also caused new firms to enter the market.
• C) Salt consumers found substitutes and brought the price of salt down.
• D) Both A and B are correct.

Identify the effects of demand shocks on the economy.

Recognize different industry types and the concept of defensive industries.

Understand the industry life cycle and its stages.

Describe the concept and implications of sector rotation.

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