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Author Question: In order to make oil profits as large as possible, OPEC meets to set oil production quotas for its ... (Read 46 times)

viki

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on: Jun 30, 2018
In order to make oil profits as large as possible, OPEC meets to set oil production quotas for its members. OPEC is best classified as a:
 a. monopoly.
  b. cartel.
  c. kinked demand industry.
  d. price-leadership industry.

Question 2

Which of the following best describes total fixed cost?
 a. The change in total cost when one additional unit of output is produced.
  b. Total cost divided by the quantity of output produced.
 c. Total variable cost divided by the quantity of output produced.
 d. Total fixed cost divided by the quantity of output produced.
 e. Costs that do not vary as output varies.


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mbcrismon

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

e


viki

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

Joy Chen

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Reply 3 on: Yesterday
Excellent

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