Knowee
Questions
Features
Study Tools

Which of the following is the best example of Agreement between OligopolistsSelect one:a.GATTb.OPECc.WTOd.UNIDO

Question

Which of the following is the best example of Agreement between Oligopolists

Select one:

  • a. GATT
  • b. OPEC
  • c. WTO
  • d. UNIDO
🧐 Not the exact question you are looking for?Go ask a question

Solution

The best example of Agreement between Oligopolists from the given options is OPEC.

OPEC, or the Organization of the Petroleum Exporting Countries, is a group of 14 nations that together account for around 44 percent of the world's oil production and 81.5 percent of the world's oil reserves. They work together to coordinate and unify petroleum policies, ensuring the stabilization of oil markets in order to secure an efficient, economic, and regular supply of petroleum to consumers.

This is a classic example of oligopoly, where a small number of firms have the large majority of market share. The member countries of OPEC have a significant influence on the price of oil globally by increasing or decreasing their oil production. Therefore, their agreement to coordinate policies is an example of agreement between oligopolists.

This problem has been solved

Similar Questions

A ______ is the only seller in a market.Multiple choice question.cartelpure oligopolistduopolistpure monopolis

In an oligopolistic market consumer choice is?

When firms act as if they had an agreement this is called explicit quotas. oligopoly. tacit collusion. a cartel.

An agreement between different countries to smoothen economic activity between them.

'Interdependence of firms' is a key characteristic of which of the following market structures?Perfect competitionMonopolistic competitionOligopolyMonopoly

1/1

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.