OPEC is a cartel that:
A) could not keep the price of oil high for very long.
B) is able to keep the price of oil high.
C) controls all the world's oil.
D) a U.S. government agency created to control the price of oil.

Question

Quizplus · Accepted Answer

OPEC is able to keep the price of oil high by controlling the supply of oil that its member countries produce and export. This allows them to regulate the price of oil in the global market by reducing or increasing their output. However, their ability to maintain high prices has varied over time and is subject to factors such as geopolitical events and competition from non-OPEC producers.

OPEC Is a Cartel That