OPEC provides an example of:

A. an unwritten, informal understanding.
B. noncollusive oligopoly.
C. an international cartel.
D. a monopolistically competitive industry.


Answer: C

Economics

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What will be an ideal response?

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Which of the following clearly restricts competition?

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A flour mill holding exclusive contracts to 95% of the wheat in a large geographic area may operate as a flour producing monopoly locally because

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Any market that we are studying and the markets for the related inputs must all be in equilibrium at the same time. This leads to:

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Economics