Each Member of OPEC Can Increase Its Income by Selling

question 163

Multiple Choice

Each member of OPEC can increase its income by selling more oil than its output quota because

• A)by selling more at OPEC's cartel price, a member will automatically earn more income.
• B)each member's demand is more elastic than the total demand for oil.
• C)the demand for oil is inelastic so total revenue increases.
• D)the demand for oil is perfectly elastic.

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Definitions:

Negative Reinforcement

A behavior modification technique that involves the removal of an unpleasant stimulus to increase the likelihood of a behavior being repeated.

Punishment

A method used to reduce the likelihood of a behavior's recurrence by applying an adverse stimulus or removing a positive stimulus following the behavior.

Punishment

A consequence designed to reduce or eliminate a behavior through negative or unpleasant outcomes.

Operant Technique

A method in behavioral psychology involving reinforcements or punishments to influence the frequency of a behavior.