After much success during the 1970s, the OPEC cartel saw the price of oil and the revenues of its members decline during the 1980s due, in part, to
a. the low elasticity of demand for oil in the short run
b. the large number of buyers from each member nation
c. surging demand for oil in the early 1980s
d. publicity concerning the prices negotiated with each member
e. the greater long-run elasticity of demand for oil
E
You might also like to view...
Each of the HPAE promoted manufactured exports
Indicate whether the statement is true or false
Refer to the above table. Suppose the price of the good sold is $3 and the marginal factor cost of labor is $300, how many units of labor will the firm hire?
A) 4 B) 5 C) 6 D) 3
Could either party do better?
a. Yes, both parties can do better without hurting each other if they cooperated b. Yes, one party can do better, but only at the expense of the other c. No, neither party can do better d. No, each party has its best possible outcome
A competitive firm
a. and a monopolist are price takers. b. and a monopolist are price makers. c. is a price taker, whereas a monopolist is a price maker. d. is a price maker, whereas a monopolist is a price taker.