Question

question 8
a guild is

• a group of nations who agree not to compete with each other.
• a nation that is a free - market benchmark.
• a group of toll - collecting producers competing with each other.
• an organization of producers that limits the amount of a good produced.

question 9
if the price of smartphones was to increase, then

• the demand for smartphone apps would decrease.
• the quantity of smartphone apps would decrease.
• the demand for smartphone apps demanded would decrease.
• the quantity of smartphone apps demanded would increase.

question 10

Explanation:

• Question 8: A cartel is an organization of producers that limits the amount of a good produced to manipulate prices and increase profits.
• Question 9: Smartphones and smartphone - apps are complementary goods. When the price of smartphones increases, the demand for smartphones decreases. Since apps are used with smartphones, the demand for smartphone apps also decreases.

Answer:

Question 8: D. an organization of producers that limits the amount of a good produced
Question 9: C. the demand for smartphone apps demanded would decrease