When the oil-producing countries of the Middle East meet to set prices and output levels,this is an example of

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The behavior of the oil-producing countries of the Middle East meeting to set prices and output levels is an example of explicit collusion. This is when firms or countries agree to work together to limit competition, resulting in higher prices or profits. In this case, these countries are forming a cartel to control the global oil supply and therefore influence the price.

When the Oil-Producing Countries of the Middle East Meet to Set