The Organization of Petroleum Exporting Countries (OPEC) is considered a cartel by economists because the
A) firms agree to restrict output in order to increase prices and profits.
B) firms are controlled by the government.
C) firms in the cartel sell a homogenous (undifferentiated product) .
D) firms sell a product with few substitutes.
E) organization is international and thus not subject to antitrust laws.
Correct Answer:
Verified
Q5: The following table shows the four-firm concentration
Q6: Which of the following industries is most
Q7: Which of the following industries is most
Q8: Like a pure monopoly,an oligopoly is characterized
Q9: The following table shows the dollar amount
Q11: The following table shows the four-firm concentration
Q12: A monopolistically competitive market consists of _
Q13: A firm operating in an oligopolistic market
Q14: Being part of a cartel is generally
Q15: The following table shows the four-firm concentration
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents