Multiple choice general knowledge

The Organization of Petroleum Exporting Countries, OPEC, is a:

  1. Cartel

  2. Monopoly

  3. Oligarchy

  4. None of the above
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A Correct answer
Explanation

OPEC is a cartel because it's an organization of producers who coordinate to control supply and influence prices. A cartel is a formal agreement among competing firms to control prices or production. Unlike a monopoly (single seller) or oligarchy (political system), OPEC represents multiple nations acting together.

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