When the Nations That Constitute the Organization of Petroleum Exporting

question 41

Multiple Choice

When the nations that constitute the Organization of Petroleum Exporting Countries (OPEC) restrict the supply of oil to increase their profits,the oil market:

• A)achieves an efficient outcome because profits increase.
• B)achieves an equitable outcome because the nations with oil resources receive the profits commensurate with that resource.
• C)fails because there is no longer an efficient allocation of resources.
• D)fails because there is no longer an equitable allocation of resources.

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