OPEC can be classified as which of the following?
(i) a group whose concern is to control production levels of oil
(ii) a group of oligopolists
(iii) a cartel
A)(i) and (ii)
B)(ii)and (iii)
C)(i) and (iii)
D)(i), (ii) and (iii)

Question

Quizplus · Accepted Answer

OPEC (Organization of the Petroleum Exporting Countries) is a group that aims to control the production levels of oil to influence its price on the global market, making it a cartel. Additionally, since it consists of a few dominant oil-producing countries acting together to influence market conditions, it can also be considered a group of oligopolists.

OPEC Can Be Classified as Which of the Following