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23 April, 08:48

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.

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  1. 23 April, 10:21
    0
    D

    Explanation:

    because their profit decrease not increase because petroleum is not a study product
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