If OPEC Is an Effective Cartel

question 38

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) all of the above.

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Definitions:

Olfactory Receptors

Specialized nerve cells in the nose involved in the sense of smell.

Audition

The perception or action of listening.

Vestibular Sense

A sensory system located in the inner ear that contributes to balance and spatial orientation by detecting changes in motion and gravitational forces.

Kinesthesis

The sense that detects body position, movement, and balance, often referred to as the sense of muscular movement.