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AP Microeconomics

Category - Microeconomics

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OPEC is an example of what?

Monopoly
Cartel
Regulated monopoly
Deadweight loss

Explanation

Answer - B - OPEC is an example of a cartel.

Key Takeaway: A cartel is a formal agreement that is created among competing business in order to effectively market and produce a good, as well as fix prices over the market. Cartels are common in an oligopoly, where there are only a few sellers selling one type of product. The overall aim of a cartel is to increase profits by wiping out the competition.

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AP Microeconomics

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