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
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If the British pound (£) appreciates by 10% against the dollar:
a. both the US importers from Britain and US exporters to Britain will be helped by the appreciating pound. b. the US exporters will find it harder to sell to foreign customers in Britain. c. the US importer of British goods will tend to find that their cost of goods rises, hurting its bottom line. d. both US importers of British goods and exporters to Britain will be unaffected by changes in foreign exchange rates. e. all of the above.
Net total benefits of an activity are maximized when marginal benefits and marginal costs are equal
Indicate whether the statement is true or false