OPEC (Organization of Petroleum Exporting Countries) Is an Example of a Cartel

question 106

Short Answer

OPEC (Organization of Petroleum Exporting Countries) is an example of a cartel in the output market for petroleum. Major League Baseball could be considered a cartel in the __________ market for baseball players.

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Definitions:

Admission Interview

A discussion or evaluation process used by institutions or organizations to assess an individual’s suitability for entry or acceptance into a specific program or facility.

Coronary Artery Bypass

A surgical procedure that aims to improve blood flow to the heart by using a blood vessel graft to bypass blocked coronary arteries.

Intubated Patient

A person who has had a tube inserted into their trachea to maintain an open airway, typically for mechanical ventilation.

Music

An art form and cultural activity that involves the creation of sounds organized in time, typically through the use of rhythm, melody, and harmony.