If OPEC is an effective cartel,
A. price changes are dictated by changes in demand.
B. output changes are dictated by changes in demand.
C. members agree on output quotas.
D. oil prices will be lower than if the market functioned competitively.
Answer: C
Economics
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Refer to Figure 10.1. The minimum feasible price is ________
A) P1 B) P2 C) P3 D) P4 E) none of the above
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