ECON Block 4 Exam correctly answered to pass 2023

ECON Block 4 Exam How did economists introduce competition for the services offered by toilet suckers? - correct answer They created a system that allowed consumers to order a truck by text and the job would be given to the truck driver offering the lowest price. How did the toilet suckers' cartel prevent consumers from negotiating for a better price? - correct answer The cartel forces toilet suckers to agree on a fixed high price, so they are not incentivized to engage in competition with each other. How did competition change the sewage situation in Senegal? - correct answer More consumers are hiring toilet suckers, which means less sewage dumped in the streets. Why do consumers use Father Shovel instead of toilet suckers in Dakar? - correct answer Because Father Shovel is not part of a cartel and offers his services at a much lower price than other toilet suckers Why are cartels bad for consumers? - correct answer Cartels discourage competition among businesses, creating high prices for consumers. How did competition change the work for the truck drivers? - correct answer The truck drivers made less money from each job but were hired more often. What is a cartel? - correct answer An association of businesses that fix prices