The Organization of Petroleum Exporting Countries (OPEC) is an example of
a. a price leadership system.
b. a generally unsuccessful cartel.
c. an organization devoted to tacit collusion.
d. a successful cartel.
d
You might also like to view...
Which of the following increases the quantity supplied of compact discs but does NOT increase the supply of compact discs?
A) new technology that lowers the cost of producing compact discs B) a decrease in the price of a compact disc C) an increase in the price of a compact disc D) a decrease in the number of suppliers of compact discs E) an increase in the price of the resources used to produce compact discs
Billy is considering the purchase of a rental house. The house costs $240,000 and it will generate annual revenues of $15,000 and annual expenses of $3,000. What is the internal rate of return of this investment?
A) 5% B) 7.5% C) 3.75% D) 24%
The stock market crash of 1929 may have been avoided if:
A. large companies had been more objective in their decision making. B. investors had acted rationally. C. investors had acted irrationally. D. large companies had been more emotional in their decision making.
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. Jerry has a comparative advantage in:
A. dish production because he has the higher opportunity cost of a dishes. B. fence production because he has the higher opportunity cost of a fence. C. dish production because he has the lower opportunity cost of a dishes. D. fence production because he has the lower opportunity cost of a fence.