Asked by Chloe Myers on Jun 01, 2024
Verified
OPEC provides an example of
A) an unwritten, informal understanding.
B) non-collusive oligopoly.
C) an international cartel.
D) a monopolistically competitive industry.
OPEC
The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of oil-exporting countries aimed at coordinating and unifying petroleum policies to secure fair and stable prices for petroleum producers.
International Cartel
An agreement among companies from different countries aimed at controlling production, fixing prices, or limiting competition in the international market.
- Explain the legal and economic implications of cartels on international and domestic markets.
Verified Answer
Learning Objectives
- Explain the legal and economic implications of cartels on international and domestic markets.
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