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Author Question: The Organization of Petroleum Exporting Countries (OPEC) controls about 75 percent of the world's ... (Read 120 times)

Frost2351

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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
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yahahah24021

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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.
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Frost2351

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Reply 2 on: Jun 29, 2018
:D TYSM

alexanderhamilton

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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