The Organization of Petroleum Exporting Countries (OPEC)is Considered a Cartel

question 163

Multiple Choice

The Organization of Petroleum Exporting Countries (OPEC) is considered a cartel by economists because the

• A) firms agree to restrict output in order to increase prices and profits.
• B) firms are controlled by the government.
• C) firms in the cartel sell a homogenous (undifferentiated product).
• D) firms sell a product with few substitutes.
• E) organization is international and thus not subject to antitrust laws.

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Definitions:

Grounded

In research, it refers to theories or analyses that are developed inductively from empirical data.

Socioemotional Development

Refers to the process of learning how to interact with others and manage emotions, crucial in childhood and throughout life.

Erikson's Stages

A theory of psychosocial development outlining eight stages from infancy to adulthood, with each stage presenting a unique developmental task.

Autonomy Vs. Shame

A developmental stage in Erikson's psychosocial theory where toddlers learn to exercise will and do things independently, failing which they feel ashamed.