The Organization of Petroleum Exporting Countries (OPEC) is a(n) _________whose members agree to limit output and fix prices?
Correct answer: D. cartel
- A. monopoly
- B. entropy
- C. industry
- D. cartel
Explanation
A cartel is an agreement among firms or countries to restrict output and influence or fix prices. OPEC is a prominent example because its members coordinate petroleum production.
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