Title |
OPEC
|
Author |
Benjamin Zycher |
|
Categories
|
Economic History
Industrial Organization
|
Type |
Article |
Description |
Few people are aware of it today, but OPEC (the Organization of Petroleum Exporting Countries) was formed in response to the U.S. imposition of import quotas on oil. OPEC is a cartel: a group of producers that attempts to restrict output in order to keep prices higher than the competitive level. |
URL |
http://www.econlib.org/library/Enc/OPEC.html |
