OPEC is an example of what?
A)Monopoly
B)Cartel
C)Regulated monopoly
D)Deadweight loss

Question

Quizplus · Accepted Answer

OPEC is an example of a cartel.
Key Takeaway: A cartel is a formal agreement that is created among competing business in order to effectively market and produce a good, as well as fix prices over the market. Cartels are common in an oligopoly, where there are only a few sellers selling one type of product. The overall aim of a cartel is to increase profits by wiping out the competition.

OPEC Is an Example of What