Which Statement Is True

question 155

Multiple Choice

Which statement is true?

• A)OPEC produces and exports over 90 percent of the world's oil.
• B)Saudi Arabia is the most important member of OPEC.
• C)OPEC has no influence over the price of oil.
• D)The U.S.imports only a tiny fraction of the oil it uses.

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Definitions:

Resource Prices

The costs associated with acquiring the inputs required for production, such as labor, materials, and capital.

Industry Production

Is the total output of goods and services produced by an industry over a specific period.

Constant-Cost Industry

An industry in which the input costs do not change significantly with changes in output levels, often resulting in stable product prices over time.

Long-Run Equilibrium

A state in which all factors of production and variables in a market are in balance over a longer period, with no external pressures prompting change.