The brief success of the OPEC cartel in the 1970s can most plausibly be attributed to
A) the dependence of industrial economies on oil.
B) the fact that OPEC was a cartel formed by national governments.
C) the inelastic demand for oil.
D) the misguided policies of the U.S. government.
E) the widespread expectation of much higher prices in the future.
E
You might also like to view...
Refer to Figure 15-17. An economics professor argues: "I think the course should be priced so as to achieve economic efficiency." Which price should this faculty member favor?
A) $0 B) $40 C) $88 D) $150
Assume that the actual deficit is $150 billion with the economy well below potential output and that the level of economic activity rose to its potential level while tax revenues increased by $50 billion and transfer payments fell by $20 billion
Then, what is the structural deficit? a. $180 billion b. $120 billion c. $220 billion d. $80 billion e. $100 billion
Use the figure below to answer the following question.
If a price ceiling in this market is set at P1, then producer surplus equals area
A. c. B. b + c. C. b. D. c + b + d.
Espresso Yourself Coffee Shop hires workers in a competitive labor market to make coffee. The ingredients required to make each cup of coffee cost 50 cents. The coffee shop's hourly output of coffee varies with the number of workers hired, as shown in the table. Each cup of coffee sells for $2.00. Number ofworkersCoffee(cups/hour)00125245360470575 The value of marginal product of the first worker is ________ per hour.
A. $25.00 B. $1.50 C. $2.00 D. $37.50