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:

Silicon

A chemical element with the symbol Si, known for its semiconductor properties and used extensively in electronic devices.

Anions

Negatively charged ions that are formed when an atom gains one or more electrons, commonly found in various chemical reactions and solutions.

Electrons

Electrons are subatomic particles with a negative charge, found in all atoms, and play a key role in chemical reactions and electricity.

Positive Charge

An electrical charge with more protons than electrons, commonly found in cations or positive ions.