At various times, the nations that comprise the Organization of Petroleum Exporting Countries (OPEC) have restricted the supply of oil to increase their profits. This is an example of: Individual actions that have side effects that are not properly taken into account by the market. One party preventing beneficial trades from occurring in an attempt to capture a greater share of resources for itself. Some goods unsuitable for efficient management by markets. None of the above.

Question

Social Studies

Aliana Fernandez

8 May, 18:43

At various times, the nations that comprise the Organization of Petroleum Exporting Countries (OPEC) have restricted the supply of oil to increase their profits. This is an example of: Individual actions that have side effects that are not properly taken into account by the market. One party preventing beneficial trades from occurring in an attempt to capture a greater share of resources for itself. Some goods unsuitable for efficient management by markets. None of the above.

+1

Answers (1)

Know the Answer?

Brennan Larsen · Answer 1

One party preventing beneficial trades from occurring in an attempt to capture a greater share of resources for itself.

Explanation:

This is an example of one party preventing beneficial trades from occurring in an attempt to capture a greater share of resources for itself. One of the causes of market failure is when a product as important as oil is manipulated by one party to obtain a greater profit. When the nations that comprise the OPEC have restricted the supply of oil to increase their profits is a very good example of one of the reasons why a market can fail.