The large increase in the price of oil and in the total revenues and profits of the US oil industry in the 1990's are evidence that it was exercising monopoly power.

Question

Quizplus · Accepted Answer

The increase in oil prices and industry revenues/profits can also be attributed to a variety of factors such as global demand, geopolitical events, and advancements in technology that made previously inaccessible oil reserves accessible. It is not necessarily a direct indication of monopoly power.

The Large Increase in the Price of Oil and in the Total