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.
Correct Answer:
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Q99: Which of the following is an example
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A)is rampant in perfect competition as all
