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Author Question: The Organization of Petroleum Exporting Countries (OPEC) controls about 75 percent of the world's ... (Read 169 times)

Frost2351

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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


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yahahah24021

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Frost2351

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Reply 2 on: Jun 29, 2018
Excellent


chereeb

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Reply 3 on: Yesterday
Wow, this really help

 

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