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The OPEC marketing policy of fixing minimum price allows members to

Economics
JAMB 2008

The OPEC marketing policy of fixing minimum price allows members to

  • A. sell above minimum price
  • B. sell below minimum price
  • C. determine the price and quantity to sell
  • D. negotiate price with customers
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Correct Answer: Option A
Explanation

When OPEC fixes a minimum price for the sale of its products, it enables its members to not sell below the minimum price. This means the members of the organisation can sell at a higher price but not lower than the stated/fixed price.

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