Which of the following statements regarding OPEC is false?
A) Because it sells a homogeneous product, since its formation in 1960 OPEC has been the clear leader when it comes to determining the price of crude oil.
B) OPEC's membership includes countries from the Middle East, Africa, and South America.
C) Over time, OPEC's ability to control the price of oil has been constrained by changes in consumer demand and increased production of oil by non-member countries.
D) The cartel has not always been successful when it comes to preventing individual members from cheating on the agreed upon production quotas.
Correct Answer:
Verified
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