When OPEC Reduces Output to Keep Prices High, OPEC Is

question 74

Multiple Choice

When OPEC reduces output to keep prices high, OPEC is acting as a:

• A) cartel.
• B) price taker.
• C) producer in a contestable market.
• D) producer moving along a supply curve, cutting output as price falls.

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Definitions:

Frustration-Aggression Model

A psychological theory suggesting that frustration, or the blocking of goal achievement, leads to aggression or hostility.

Social Learning Theory

A theory that suggests people learn new behaviors through observation, imitation, and modeling from others.

Behavioural Stage Model

A theoretical framework that describes the various phases individuals go through when changing their behavior.

Aggressive Behaviour

Actions or attitudes that are forceful, hostile, or attacking, often with the intent to dominate or intimidate.