Which of the Following Statements Regarding OPEC Is False

question 82

Multiple Choice

Which of the following statements regarding OPEC is false?

• A)Because it sells a homogeneous product, since its formation in 1960 OPEC has been the clear leader when it comes to determining the price of crude oil.
• B)OPEC's membership includes countries from the Middle East, Africa, and South America.
• C)Over time, OPEC's ability to control the price of oil has been constrained by changes in consumer demand and increased production of oil by non-member countries.
• D)The cartel has not always been successful when it comes to preventing individual members from cheating on the agreed upon production quotas.

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Definitions:

Product-Market Evolution

The process through which products and markets go through stages of introduction, growth, maturity, and decline.

Broad Search

An extensive or wide-ranging examination or inquiry, often used in the context of searching for information across various sources or platforms.

Coolhunting

The process of identifying and analyzing new trends, styles, and cultural shifts, often used in marketing and product development to stay ahead of consumer tastes.

Across Media

Refers to the elements that exist or operate in different types of media platforms or across various media channels.