One of the Reasons Why a Wheat Cartel Would Not

question 62

Multiple Choice

One of the reasons why a wheat cartel would not be as successful as OPEC is that

• A) there are many more wheat-producing countries than oil-producing countries.
• B) there are more wheat substitutes than oil substitutes.
• C) there is no competition legislation against wheat cartels.
• D) there is stronger competition legislation against wheat cartels than against OPEC.
• E) there are solid barriers against new entrants into a wheat cartel.

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Definitions:

Power of Attorney

is a legal document that grants one person the authority to act on behalf of another person in legal or financial matters.

Express Authority

Legal power granted explicitly to an agent or representative by a principal, allowing them to act on the principal's behalf.

Respondeat Superior

A legal doctrine that holds an employer or principal legally responsible for the wrongful acts of an employee or agent, if such acts occur within the scope of the employment or agency.

Liability

The state of being responsible for something, especially by law.