Which of the Following Was NOT a Reason Why OPEC

question 140

Multiple Choice

Which of the following was NOT a reason why OPEC failed to keep the price of oil high?

• A)over the long run, producers of oil outside of OPEC responded to high prices by increasing oil exploration and by building new extraction capacity
• B)consumers responded to higher prices with greater conservation
• C)consumers replaced old inefficient cars with newer efficient ones
• D)the agreement OPEC members signed allowed each country to produce as much oil as each wanted