Multiple Choice
Given that OPEC [Organization of the Petroleum Exporting Countries] has been a successful cartel,all of the following factors could have contributed to its success,except:
A) a low price elasticity of demand for oil.
B) an increase in the consumption of products that require oil.
C) OPEC's ownership of a large percentage of known oil reserves.
D) a high supply elasticity of crude oil by non-OPEC producers.
Correct Answer:
Verified
Correct Answer:
Verified
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