Assuming identical cost and demand curves, OPEC as a cartel will, in comparison

Question

Assuming identical cost and demand curves, OPEC as a cartel will, in comparison to a competitive industry? Produce less output and charge a higher price Produce greater output and charge a lower price Produce less output and charge a lower price Produce greater output and charge a higher price Assuming identical cost and demand curves, OPEC as a cartel will, in comparison to a competitive industry? Produce less output and charge a higher price Produce greater output and charge a lower price Produce less output and charge a lower price Produce greater output and charge a higher price Produce less output and charge a higher price Produce greater output and charge a lower price Produce less output and charge a lower price Produce greater output and charge a higher price Produce less output and charge a higher price

Explanation / Answer

OPEC is an oligopoly market.

Hence, the correct answer is

Produce less output and charge a higher price

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