In Order to Make Oil Profits as Large as Possible

question 38

Multiple Choice

In order to make oil profits as large as possible, OPEC meets to set oil production quotas for its members. OPEC is best classified as a:

• A) monopoly.
• B) cartel.
• C) kinked demand industry.
• D) price-leadership industry.

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Definitions:

Compartmentalizing

The mental process of dividing or categorizing experiences into separate sections to manage emotions and focus on tasks.

Dehumanization

The act of depriving a person or group of positive human qualities, leading to the perception of them as less than human.

Racism

Discrimination or prejudice against individuals based on their race or ethnicity, often manifesting through societal systems or personal interactions.

Victims

Individuals who have been harmed, abused, or suffered as a result of another's actions or social injustices.