The Problems Encountered by the OPEC Cartel Can Be Explained

question 27

Multiple Choice

The problems encountered by the OPEC cartel can be explained by:

• A) relatively high barriers to entry existing in the petroleum industry.
• B) the fact that most OPEC producers had similar levels of reserves.
• C) the small number of producers who made up the cartel having the same objectives.
• D) the fact that OPEC did not have significant barriers to entry for new producers.

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Definitions:

Relatively Permanent

A term often used in the context of learning and memory, indicating changes in behavior or knowledge that are stable over time and not easily forgotten.

Sensory Stimuli

Environmental factors or changes that are detected by sensory organs, triggering responses or reactions in an organism.

Motivation

The inner force that drives individuals to accomplish personal and professional goals.

Law of Effect

A psychological principle stating that behaviors followed by pleasant consequences are likely to be repeated, while those followed by unpleasant consequences are less likely.