The Organization of Petroleum Exporting Countries (OPEC) Cartel Had Its

question 19

True/False

The Organization of Petroleum Exporting Countries (OPEC) cartel had its biggest impact on oil prices in the 1970s and 1980s.

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Definitions:

AP

Advance Placement; a program in the United States and Canada offering college-level curriculum and examinations to high school students.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.

Diseconomies of Scale

The situation where a company or business grows so large that the costs per unit increase, leading to inefficiency.

Constant Returns to Scale

A condition in production where increasing the inputs results in a proportional increase in output.