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WAEC Economics 2000 Question 46

Question 46

Natural Resources and Petroleum

The Organization of Petroleum Exporting Countries (OPEC) is a

  1. A.cartel
  2. B.duopoly
  3. C.monopoly
  4. D.monopsony.
Show the answer and explanation

Answer: A (cartel)

Explanation

OPEC is a group of producers who agree on output quotas to influence the price of oil, which is a cartel.