This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The Organization of Petroleum Exporting Countries (OPEC) controls about 75 percent of the world's ... (Read 125 times)

Frost2351

  • Hero Member
  • *****
  • Posts: 557
on: Jun 29, 2018
The Organization of Petroleum Exporting Countries (OPEC) controls about 75 percent of the world's proven oil reserves. Economists refer to OPEC as a cartel because
 
  A) it is a group of firms that collude to restrict output to increase prices and profits.
  B) OPEC is a monopoly, but it is located outside of the boundaries of any one country. This is the definition of a cartel.
  C) 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.
  D) this is the term used for an oligopoly that is controlled by national governments rather than private firms.

Question 2

Refer to Figure 15-10. What is the area that represents producer surplus under a monopoly?
 
  A) the triangle 0P3H B) the rectangle P1P3HF
  C) the trapezium 0P1FH D) the triangle 0P2E
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

yahahah24021

  • Sr. Member
  • ****
  • Posts: 323
Reply #1 on: Jun 29, 2018
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 29% of students answer this correctly


Frost2351

  • Member
  • Posts: 557
Reply 2 on: Jun 29, 2018
:D TYSM

parker125

  • Member
  • Posts: 332
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Certain topical medications such as clotrimazole and betamethasone are not approved for use in children younger than 12 years of age. They must be used very cautiously, as directed by a doctor, to treat any child. Children have a much greater response to topical steroid medications.

Did you know?

Drugs are in development that may cure asthma and hay fever once and for all. They target leukotrienes, which are known to cause tightening of the air passages in the lungs and increase mucus productions in nasal passages.

Did you know?

The National Institutes of Health have supported research into acupuncture. This has shown that acupuncture significantly reduced pain associated with osteoarthritis of the knee, when used as a complement to conventional therapies.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

Your skin wrinkles if you stay in the bathtub a long time because the outermost layer of skin (which consists of dead keratin) swells when it absorbs water. It is tightly attached to the skin below it, so it compensates for the increased area by wrinkling. This happens to the hands and feet because they have the thickest layer of dead keratin cells.

Levels of organization in a fast contracting frog Levels of organization in a fast contracting frog
Parents around the world teach their children their religious beliefs and practices. This photo is ... Parents around the world teach their children their religious beliefs and practices. This photo is ...
Structural organization of chromatin in the human centromere Structural organization of chromatin in the human centromere
Your Brain Controls Hunger and Satiation Your Brain Controls Hunger and Satiation
Thanks to agricultural advances, the world’s farmers can grow plenty of food Thanks to agricultural advances, the world’s farmers can grow plenty of food
World Crude Oil Production, 1900–2010 World Crude Oil Production, 1900–2010
Video: Primary Active Transport - electrochemical gradient and ion transport / water movement

For a complete list of videos, visit our video library