Which of the Following Was Not a Reason OPEC Failed

question 73

Multiple Choice

Which of the following was not a reason OPEC failed to keep the price of oil high?

• A)Over the long run, producers of oil outside of OPEC responded to higher prices by increasing oil exploration and by building new extraction capacity.
• B)Consumers responded to higher prices with greater conservation.
• C)Consumers replaced old inefficient cars with newer efficient ones.
• D)The agreement OPEC members signed allowed each country to produce as much oil as each wanted.

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Definitions:

Cognitive Psychology

A branch of psychology focused on the study of mental processes, including perception, memory, thought, and problem-solving.

Behaviorism

An educational theory suggesting that conditioning is the root through which behaviors are learned.

Psychoanalytic Psychology

A branch of psychology that focuses on understanding human behavior through the exploration of the unconscious mind, as developed by Sigmund Freud.

American Philosopher

A scholar originating from the United States who engages in the study of fundamental questions about existence, knowledge, values, reason, mind, and language.