If OPEC is an effective cartel,
A. its members set Price =MC.
B. its members set Price=MR.
C. members agree on output quotas.
D. oil prices will be lower than if the market functioned competitively.
Answer: C
You might also like to view...
If an employee receives health insurance through his or her employer, the employer
A) still withholds contributions for Medicare and Medicaid from the employee's paycheck. B) still withholds contributions for Medicaid, but not Medicare, from the employee's paycheck. C) still withholds contributions for Medicare, but not Medicaid, from the employee's paycheck. D) is no longer required to withhold contributions for Medicare or Medicaid from the employee's paycheck.
Compared to the 1910-1960 period, economic fluctuations during the past 50 years have been less severe. Most economists believe that this increased stability is primarily the result of
a. more stable monetary policy. b. the smaller budget deficits of recent decades. c. regulations that promoted more affordable housing. d. greater stability of stock prices as measured by the Dow Jones Industrial Average.