A. a lack of substitutes for oil
B. similar cost schedules for member countries
C. highly inelastic world demand curve for oil
D. economic recession for oil importing nations
Related Mcqs:
- The Organization of Petroleum Exporting Countries (OPEC) is a(n) _________whose members agree to limit output and fix prices?
A. monopoly
B. entropy
C. industry
D. cartel - When a oligopolist individually chooses its level of production to maximize its profits it charges a price that is ?
A. more than the price charged by either monopoly or a competitive market
B. less than the price charged by either monopoly or a competitive market
C. more than the price charged by a monopoly and less then the price charged by a competitive market
D. less than the price charged by a monopoly and more than the price charged by a competitive market - When an oligopolist individually chooses its level of production to maximize its profits, it produces an output that is ?
A. more than the level produced by a monopoly and less than the level produced by a competitive market
B. less than the level produced by a monopoly and more than the level produced by a competitive market
C. less than the level produce by either monopoly or a competitive market
D. more than the level produced by either monopoly or a competitive market - In order to maximize profits, a monopoly company will produce that quantity at which the ?
A. marginal revenue equals average total cost
B. Price equals marginal revenue
C. marginal revenue equals marginal cost
D. total revenue equals total cost - Public limited companies may not maximize their profits because ?
A. they are afraid of encouraging takeovers.
B. shareholders have little control over managers.
C. shareholders want higher dividends.
D. both the first and third option. - A firm may be unable to maximize profits because it ?
A. does not know its MC and MR
B. has too much information
C. has too little information
D. The first and third option - Suppose an oligopolist individually maximizes its profits. When calculating profits, if the output effect exceeds the price effect on the marginal unit of production, then the oligopolist ?
A. Should produce more units
B. has maximized profits.
C. is in a Nash equilibrium
D. Should produce fewer units
E. should exit the industry. - The OPEC oil cartel ?
A. has shown that is easy to achieve cooperation among cartel members
B. was successful in raising oil prices in the 1970s but was disbanded in the 1980s
C. has shown greater success in realizing profits during periods of global recession
D. has had a level of success in raising oil prices that other developing countries are unlikely to achieve with other primary commodities - An export quota agreement to stabilize the price of bauxite tends to be more successful when the member producer countries as a percentage of the world’s producer countries is __________ and the _________ it is for the member producer countries to store/stock pile bauxite?
A. relatively small; more difficult
B. relatively small; easier
C. relatively large; more difficult
D. relatively large; easier - The form of international price discriminations (dumping) normally associated with economic recession or excess inventories in the exporting nation is known as ?
A. Predatory dumping
B. sporadic dumping
C. persistent dumping
D. year end dumping
