A reason why agricultural cartels are not as effective as the Organization of Petroleum Exporting Countries (OPEC) is that non-member countries can
A. increase their supply of crops but not their oil supply.
B. decrease their oil supply but not their supply of crops.
C. increase their oil supply but not their supply of crops.
D. decrease their supply of crops but not their oil supply.
Answer: A
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Borrowing to fund investment projects until the marginal rate of return falls to ________ is optimizing investment strategy for ________
A) the borrowing rate, businesses and governments B) the borrowing rate, businesses but not governments C) the borrowing rate, governments but not businesses D) zero, businesses and governments E) zero, governments but not businesses
If a firm in a monopolistically competitive market successfully uses advertising to decrease the elasticity of demand for its product, the firm will
a. be able to increase its markup over marginal cost. b. eventually have to reduce price to remain competitive. c. increase the welfare of society. d. reduce its average total cost.