Given That OPEC [Organization of the Petroleum Exporting Countries] Has

question 91

Multiple Choice

Given that OPEC [Organization of the Petroleum Exporting Countries] has been a successful cartel,all of the following factors could have contributed to its success,except:

• A)a low price elasticity of demand for oil.
• B)an increase in the consumption of products that require oil.
• C)OPEC's ownership of a large percentage of known oil reserves.
• D)a high supply elasticity of crude oil by non-OPEC producers.

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