If OPEC Is an Effective Cartel

question 71

Multiple Choice

If OPEC is an effective cartel,

• A) price changes are dictated by changes in demand.
• B) output changes are dictated by changes in demand.
• C) members agree on output quotas.
• D) oil prices will be lower than if the market functioned competitively.

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Definitions:

Asexual

Having no sexual attraction toward others.

Assertive

A communication style characterized by confidence and directness, while still respecting the rights and opinions of others.

Domineering

Exhibiting overbearing control or domination over others in a manner that is often considered aggressive or tyrannical.

Smaller Groups

Smaller groups refer to subsets of individuals within a larger population, often characterized by more intimate interactions and stronger bonds among members.