Which of the following has contributed to the success of OPEC [Organization of the Petroleum Exporting Countries] as an oil cartel?
A) The product supplied by OPEC is homogeneous and has few substitutes.
B) The supply elasticity of non-OPEC oil suppliers is relatively high.
C) The demand for oil is relatively price elastic,especially in the short run.
D) OPEC is formed by a large number of member countries that differ in size,cost,and other aspects.
Correct Answer:
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