Prior to the Formation of the Organization of Petroleum Exporting

question 15

Multiple Choice

Prior to the formation of the Organization of Petroleum Exporting Countries,individual oil producing nations,

• A) Operated like sellers in a competitive market
• B) Behaved like individual sellers in a monopoly market
• C) Had considerable control over the price of oil
• D) Both b and C

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Definitions:

Gasoline Pumps

Machines at gas stations that dispense gasoline into the fuel tanks of vehicles.

Price War

A competitive situation where rival companies reduce prices of similar products in attempts to undercut each other and gain market share.

Tablet-computer Market

The sector of the electronics industry focused on the design, production, and sale of tablet computers.

Oligopoly

A market structure characterized by a few firms dominating the industry, leading to limited competition and often high prices for consumers.