OPEC Failed to Maintain a High Price of Oil in the Long

question 164

True/False

OPEC failed to maintain a high price of oil in the long run, partly because both the supply of oil and the demand for oil are more elastic in the long run than in the short run.

---

Definitions:

Scientific Management Theory

A theory of management that analyzes and synthesizes workflows, with the goal of improving economic efficiency and labor productivity.

Herzberg's Dissatisfiers

Factors, according to Frederick Herzberg's Two-Factor Theory, that can cause dissatisfaction in the workplace if not properly managed, such as poor working conditions or salary.

Maslow's Hierarchy

A psychological theory proposed by Abraham Maslow that outlines a five-tier model of human needs, from basic physiological needs to the need for self-actualization, influencing motivation.

Legal Action

The process of pursuing remedies in a court of law or through legal proceedings.