Prior to the Formation of the Organization of Petroleum Exporting

question 164

Multiple Choice

Prior to the formation of the Organization of Petroleum Exporting Countries,individual oil producing nations,

• A) Operated like sellers in a competitive market
• B) Behaved like individual sellers in a monopoly market
• C) Had considerable control over the price of oil
• D) Both b and c

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Definitions:

Higher Level

Refers to something that is of a greater complexity, advancement, or sophistication compared to something else.

Management

The practice of organizing, planning, leading, and controlling resources and people to achieve specific goals.

Horizontal Communication

The exchange of information between individuals or groups at the same level within an organization.

Lateral

Referring to interactions or relationships that occur at the same level of hierarchy within an organization, as opposed to vertical, top-down relations.