Question

In: Economics

OPEC has certainly been the world's most successful cartel. What did OPEC do to prevent the...

OPEC has certainly been the world's most successful cartel. What did OPEC do to prevent the competition of capitals or creative destruction?

a. it suppressed innovations in new technologies and kept other producers out of the market

b. it managed to keep new technologies and new producers out of the market through monopolistic practices and collusion

c. it was unable to develop strategies to stop or slow down either of these competitions

d. it got the world court to recognize its patents in oil technologies and sued any firm or company that sought to enter the oil market e. it refused to allow new producers to enter the market

Solutions

Expert Solution

OPEC(The Organisation of the Petroleum Exporting Countries) was established in 1960 in Baghdad by its founding members(Iran, Iraq, Kuwait, Saudi Arabia and Venezuela).

Rahul Sunny answered 2 months ago
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