The Organization of Petroleum Exporting Countries is an example of:
a. a price leadership system
b. a trade group whose members have yet to influence the world price of oil, despite repeated attempts to collude.
c. a successful monopoly.
d. a periodically successful cartel.
d
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The income elasticity of demand for haircuts is 1.5, and the income elas-ticity of demand for food is 0.14 . You take a weekend job, and the income you have to spend on food and haircuts doubles
If the prices of food and haircuts remain the same, will you double your expenditure on haircuts and double your expenditure on food? Explain why or why not.
Economists call the difference between what you pay for a good and what you would have been willing to pay for it a(n)
a. budget deficit b. consumer deficit c. consumer marginal benefit d. consumer surplus e. economic benefit