Each member of OPEC can increase its income by selling more oil than its output quota because
A) the demand for oil is perfectly elastic.
B) by selling more at OPEC's cartel price, a member will automatically earn more income.
C) each member's demand is more elastic than the total demand for oil.
D) the demand for oil is inelastic so total revenue increases.
C
You might also like to view...
Required reserve ratios are the minimum amount of
A) deposits any one bank must hold as a percentage of its reserves. B) reserves any one bank must hold as a percentage of its deposits. C) reserves any one bank must hold as a percentage of its total assets. D) deposits any one bank is allowed to accept as percentage of its capital. E) reserves any one bank must hold as a percentage of its loans.
The shortest of the three lags for monetary policy is
A) the impact lag. B) the implementation lag. C) the government lag. D) the recognition lag.