There Is an OPEC Cartel That Reduces the Production of World

question 14

Multiple Choice

There is an OPEC cartel that reduces the production of world oil by several million barrels a day.Which of the following correctly captures the effect of this change on the market for gasoline?

• A)Both equilibrium quantity and price will increase.
• B)Both equilibrium quantity and price will decrease.
• C)Equilibrium quantity will increase,but equilibrium price will decrease.
• D)Equilibrium quantity will decrease,but equilibrium price will increase.

Identify and describe different types of organizational structures and their impact on decision-making and agility.

Recognize the role of different types of costs and how they are controlled within organizations.

Describe various performance measurement tools and their uses in planning and control systems.

Comprehend the differences between shared service units and centralized service units.

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Definitions:

Electronic Means

Methods or processes that utilize digital technology or electronic equipment to accomplish various tasks or functions.

Customer Queries

Inquiries or questions raised by customers seeking information or clarification regarding products, services, or policies.

Supplier Cost

The expense incurred by acquiring goods or services from a provider, which can influence a company's overall expenses and profitability.

Inwards Inspection

The process of examining materials or products upon arrival to ensure they meet quality standards before entering the production process.