Which of the Following Has Contributed to the Success of OPEC

question 22

Multiple Choice

Which of the following has contributed to the success of OPEC [Organization of the Petroleum Exporting Countries] as an oil cartel?

• A)The product supplied by OPEC is homogeneous and has few substitutes.
• B)The supply elasticity of non-OPEC oil suppliers is relatively high.
• C)The demand for oil is relatively price elastic,especially in the short run.
• D)OPEC is formed by a large number of member countries that differ in size,cost,and other aspects.

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Definitions:

Criminal Statute

A law or regulation enacted by legislature dealing with crimes and their punishment, defining what constitutes criminal offenses and specifying penalties.

General Deterrence

A legal philosophy aimed at discouraging the general public from committing crimes by making examples of specific violators through punishment.

Punishment

A sanction imposed for violating a law, rule, or agreement, aiming at correcting behavior or serving as a deterrent.

White-Collar Crime

Non-violent crime committed by individuals, typically during the course of their occupation, for financial gain. These crimes often involve fraud, embezzlement, or bribery.