The Organization of Petroleum Exporting Countries (OPEC) is an example of
A)a price leadership system.
B)a generally unsuccessful cartel.
C)an organization devoted to tacit collusion.
D)a successful cartel.

Question

Quizplus · Accepted Answer

OPEC is considered a successful cartel as it has been able to maintain control over oil prices and production for several decades. It is a group of 14 oil-producing countries that work together to influence the supply and demand of oil in order to maintain stable prices and protect their interests. While there have been some challenges faced by OPEC over the years, such as the rise of shale oil production in the United States, it is still considered one of the most influential organizations in the global oil market.

The Organization of Petroleum Exporting Countries (OPEC) Is an Example