The cartel of oil-producing nations (OPEC) once controlled about 80% of the world petroleum market, but OPEC's market share has declined to about half of its former level. This outcome is a good example of how firms may have:
A) relatively high short-run monopoly power that strengthens in the long run.
B) relatively high short-run monopoly power that declines in the long run.
C) relatively low short-run monopoly power that strengthens in the long run.
D) relatively low short-run monopoly power that declines in the long run.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The cartel of oil-producing nations (OPEC) once controlled about 80% of the world petroleum market, but OPEC's market share has declined to ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The unemployment that is caused by changes in the economy, such as shifts in manufacturing techniques, increased use of computers and electronic machines, and increases in the production of services instead of goods, is called
Answers (1)
The circular flow model examines interactions between which sectors of the economy? Check all that apply. private government business tech households
Answers (2)
Discretionary fiscal policy a. may reassure investors and consumers that the federal government will be able to avert a major economic downturn. b. is not very effective in influencing real gdp during normal times because of time lags. c.
Answers (1)
Ring Company designs and builds jewelry. During June it had applied overhead of $120,000. Overhead is applied at the rate of 75% of direct labor cost. Direct labor wages average $20 per hour.
Answers (1)
Carney Company manufactures cappuccino makers. For the first eight months of 2019, the company reported the following operating results while operating at 80% of plant capacity: Sales (500,000 units) $90,000,000 Cost of goods sold 54,000,000 Gross
Answers (1)
New Questions in Business
Douglas County sought bids for a construction project. Robert Taggart wanted to submit a bid but knew the project needed rock.
Answers (1)
Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 94,000 units, 80% complete as to materials and 25% complete as to conversion.
Answers (1)
Luther is a successful logistical services firm that currently has $5 billion in cash. Luther has decided to use this cash to repurchase shares from its investors, and has already announced the stock repurchase plan.
Answers (1)
Mr. Curtis paid the following taxes: Federal income tax $ 66,750 Federal gift tax 334 Federal employer payroll tax for housekeeper 1,202 Indiana income tax 7,500 Indiana sales tax on consumer goods and services 2,670 Local property tax on: Principal
Answers (1)
Johnson Corp. has an 8% required rate of return. It's considering a project that would provide annual cost savings of $50,000 for 5 years.
Answers (1)