Of Which of the Following Is OPEC an Example

question 74

Multiple Choice

Of which of the following is OPEC an example?

• A)A non-colluding oligopoly.
• B)A cartel.
• C)A differentiated oligopoly.
• D)A duopoly.

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Definitions:

Fractional Numbers

Numbers that represent a part of a whole, typically written with a numerator and a denominator, such as 1/2 or 3/4.

Utility Function

A representation in economics of how a consumer prefences various goods or services, leading to choices that maximize their satisfaction or utility.

Compensating Variation

A measure of the amount of money needed to compensate an individual for a change in welfare or utility, keeping utility constant.

Pairs

Two things that are designed to be used together or are similar in nature, often considered as a unit.