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 9 months ago
Next > < Previous

Related Solutions

‏a. What is a cartel? Why is OPEC considered a Cartel
‏a. What is a cartel? Why is OPEC considered a Cartel
Since the early 1970s, the world oil market has been buffeted by the OPEC cartel and...
Since the early 1970s, the world oil market has been buffeted by the OPEC cartel and by political turmoil in the Persian Gulf. In 1974, by collectively restraining output, OPEC (the Organization of Petroleum Exporting Countries) pushed world oil prices well above what they would have been in a competitive market. OPEC could do this because it accounted for much of world oil production. During 1979-1980, oil prices shot up again, as the Iranian revolution and the outbreak of the...
QUESTION 13 Why has OPEC been relatively successful? If the members didn’t cooperate, the price of...
QUESTION 13 Why has OPEC been relatively successful? If the members didn’t cooperate, the price of oil would skyrocket thus only benefiting a few of the oil producing countries. Member nations have greater control over their production output. If the members didn’t cooperate, the price of oil would plummet hurting all the nations that produce oil. All of the above 2 points    QUESTION 14 Cap and Trade programs provide an economic incentive to power plants and other polluters to...
Why is a cartel like OPEC so difficult to maintain? What is the benefit to stay...
Why is a cartel like OPEC so difficult to maintain? What is the benefit to stay in the cartel for the members and what are costs/problems of staying?
IKEA is one of the world's most successful privately-held corporations. The company has followed a greenfield...
IKEA is one of the world's most successful privately-held corporations. The company has followed a greenfield strategy of expansion - building one or two large stores in large cities (Pop. exceeds 2 million). (a) Organic growth in revenues has come through adding stores around the globe and entering new countries.  Discuss the pros and cons of two other appropriate methods of growth for IKEA a, such as Turnkey Projects, Licensing, franchising, Joint Ventures, Wholly owned subsidiaries, acquisitions (b) In Thailand (Megabangna...
Founded in 1837, Cincinnati-based Procter & Gamble has long been one of the world's most international...
Founded in 1837, Cincinnati-based Procter & Gamble has long been one of the world's most international companies. Today P&G is a global colossus in the consumer products business with annual sales in excess of $50 billion, some 54 percent of which are generated outside of the United States. P&G sells more than 300 brandsincluding Ivory soap, Tide, Pampers, IAM pet food, Crisco, and Folgers-to consumers in 160 countries. Historically the strategy at P&G was well established. The company developed new...
What do you feel is society’s most successful cultural good?
What do you feel is society’s most successful cultural good?
do you know of anyone that has been grandfathered into a leadership position that was successful?...
do you know of anyone that has been grandfathered into a leadership position that was successful? Who and explain.
Because Natalie has been so successful with Cookie Creations and Curtis has been just as successful...
Because Natalie has been so successful with Cookie Creations and Curtis has been just as successful with his coffee shop, they both conclude that they could benefit from each other’s business expertise. Curtis and Natalie next evaluate the different types of business organization, and because of the advantage of limited personal liability, decide to form a new corporation. Curtis has operated his coffee shop for 2 years. He buys coffee, muffins, and cookies from a local supplier. Natalie’s business consists...
Because Natalie has been so successful with Cookie Creations and Curtis has been just as successful...
Because Natalie has been so successful with Cookie Creations and Curtis has been just as successful with his coffee shop, they both conclude that they could benefit from each other’s business expertise. Curtis and Natalie next evaluate the different types of business organization, and because of the advantage of limited personal liability, decide to form a new corporation. Curtis has operated his coffee shop for 2 years. He buys coffee, muffins, and cookies from a local supplier. Natalie’s business consists...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT