During Periods of Weak Demand, OPEC Has Implemented Production (Export)

question 51

True/False

During periods of weak demand, OPEC has implemented production (export) quotas to ensure that excess oil supplies be kept off the market.

---

Definitions:

Profit-Maximizing Firm

A business entity's objective of adjusting production and sales to achieve the highest possible profit levels.

Wage Rate

The amount of money a worker is paid per unit of time, such as an hour or a month.

Marginal Cost

The cost related to the production of an additional unit of a product or service.

Price Taker

A seller (or buyer) that is unable to affect the price at which a product or resource sells by changing the amount it sells (or buys).