Saudi Arabia, Qatar, and other Middle Eastern countries are members of the OPEC. OPEC is considered to be a:

Group of answer choices

perfectly competitive firm.

cartel, a model of oligopoly.

monopoly.

monopolistically competitive firm.

2/ The kinked demand curve theory implies an oligopolist:

Group of answer choices

matches its rival firms' price cuts and also matches price increases.

matches its rival firms' price increases, but doesn't match price cuts.

matches its rival firms' price cuts, but doesn't match price increases.

doesn't match its rival firms' price cuts and also doesn't match price increases.

3/ In some cases, oligopolistic firms can benefit society by:

Group of answer choices

having competition like in the contestable market model and also taking advantage of economies of scale.

forming a cartel.

becoming a monopoly.

earning extremely high profits.

4/ Which of the following refers to firm's ability to make the same pricing decisions without consulting each other?

Group of answer choices

Price fixing.

Explicit collusion.

Implicit collusion.

Price gouging.