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:

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A developmental psychologist studies how people grow, change, and face challenges throughout their lifespan, from infancy to old age.

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A specialist who studies the biological basis of behavior, focusing on the physical and chemical processes occurring in the nervous system.

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