Question: b) True, False Uncertain and Explain: OPEC is a classic example of an oligopolistic cartel able to unite on price and output restrictions on oil

b) True, False Uncertain and Explain: OPEC is a classic example of an oligopolistic cartel able to unite on price and output restrictions on oil in order to extract long-run monopoly profits on world markets. No one producer is large enough to substantially bolster supplies, so there is little incentive to cheat

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