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8 years ago
The Organization of Petroleum Exporting Countries (OPEC) controls about 75 percent of the world's proven oil reserves. Economists refer to OPEC as a cartel because
A) OPEC is a monopoly, but it is located outside of the boundaries of any one country. This is the definition of a cartel.
B) this is the term used for an oligopoly that is controlled by national governments rather than private firms.
C) it is a group of firms that collude to restrict output to increase prices and profits.
D) this is the term economists use to describe an oligopoly that sells a standardized product, such as oil, rather than a differentiated product, such as automobiles.
Textbook 
Essentials of Economics

Essentials of Economics


Edition: 4th
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Chimelo46Chimelo46
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8 years ago
Glad to help you, and good luck with your course.
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