What is your reaction to the opec

Reference no: EM13760550

The profit-maximizing cartel, the Organization of Petroleum Exporting Countries (OPEC), would produce a greater output and charge a lower price than what would occur in a competitive market. However, it also maintains to an extent a monopolistic power in which it can influence world oil/gas/price by adjusting its level of production. What is your reaction to the OPEC?

Reference no: EM13760550

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