The organization of petroleum exporting countries

This preview shows page 1 - 3 out of 4 pages.

We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Managerial Economics
The document you are viewing contains questions related to this textbook.
Chapter 14 / Exercise 9
Managerial Economics
Froeb/McCann
Expert Verified
82) The Organization of Petroleum Exporting Countries (OPEC) controls about 75 percent of theworldʹs proven oil reserves. Economists refer to OPEC as a cartel becauseA) OPEC is a monopoly, but it is located outside of the boundaries of any one country. This isthe definition of a cartel.B) it is a group of firms that collude to restrict output to increase prices and profits.C) this is the term used for an oligopoly that is controlled by national governments rather thanprivate firms.D) this is the term economists use to describe an oligopoly that sells a standardized product,such as oil, rather than a differentiated product, such as automobiles.82)Answer: B
Diff: 1Page Ref: 469-471/469-471Topic: CartelsLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB: Reflective Thinking24
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Managerial Economics
The document you are viewing contains questions related to this textbook.
Chapter 14 / Exercise 9
Managerial Economics
Froeb/McCann
Expert Verified
83) Since 1972, the world price of oil has been largely determined by OPEC, which controls about 75percent of the worldʹs proven oil reserves. Since 1972 the price of oil has83)
Diff: 2Page Ref: 469-471/469-471Topic: CartelsLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB: Reflective Thinking

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture