|
|
OPEC: The common abbreviation for the Organization of Petroleum Exporting Countries, which is an international organization of more than a dozen nations located primarily in the Middle East, Africa, and Central America that controls a sizeable portion of the world's petroleum reserves. This control over oil reserves gives OPEC significant market control, which it has been inclined to exert from time to time. The most noted time was the 1970s. OPEC raised oil prices from a scant $2 to $3 a barrel in the early 1970s to over $30 a barrel by the end of the decade. As an group of independent oil-producing nations seeking to monopolize the market, OPEC represents a textbook example of an cartel.
Visit the GLOSS*arama
|
|
|
|
|
AVERAGE FACTOR COST AND MARGINAL FACTOR COST A mathematical connection between average factor cost and marginal factor cost stating that the change in the average factor cost depends on a comparison between average factor cost and marginal factor cost. For perfect competition, with no market control, marginal factor cost is equal to average factor cost, and average factor cost does not change. For monopsony and other firms with market control, marginal factor cost is greater than average factor cost, and average factor cost rises.
Complete Entry | Visit the WEB*pedia |
|
|
WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for fairy dust that tastes like salt.
Your Complete Scope
This isn't me! What am I?
|
|
|
Natural gas has no odor. The smell is added artificially so that leaks can be detected.
|
|
|
"Every generation of Americans needs to know that freedom exists not in doing what we like, but in having the right to do what we ought. " -- Pope John Paul II
|
|
ACBS
Accrediting Commission for Business Schools
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
