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.
Answer: D
You might also like to view...
What do economists call the loss society experiences when there is market failure and the production of a good is less than the efficient amount?
A) tax B) subsidy C) price floor D) deadweight loss E) quantity restriction
Of the following high-income countries, which has the lowest infant mortality rate?
A) Canada B) Japan C) the United Kingdom D) the United States
The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
At $7.25 per hour, the 2016 inflation adjusted minimum wage was
A. statutorily constant. B. at an all-time high. C. nearing a 50-year low. D. near its historical average.