Phillip is a real estate investor. He flips homes: He buys undervalued homes and sells them at a higher price later to make a profit out of the price difference (these kind of people are called flippers). He does not do any repairs to the houses he buys. In May 2020 he bought a house built in 1997 for $1,300,000 and sold it two months later for $1,500,000. Not bad.! The real estate agent got 6% of the sale price as her commission. As a result of these transactions, the 2020 GDP increased by

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.