has shown that is easy to achieve cooperation among cartel members
was successful in raising oil prices in the 1970s but was disbanded in the 1980s
has shown greater success in realizing profits during periods of global recession
has had a level of success in raising oil prices that other developing countries are unlikely to achieve with other primary commodities
Correct Answer is: has had a level of success in raising oil prices that other developing countries are unlikely to achieve with other primary commodities
All of the reasons given in these answers are correct
real wages fall rapidly in a recession and the economy moves quickly back to long run equilibrium so limiting the duration of the recession even when exchange rate adjustment is not possible
workers will move from a country in which aggregate demand falls to other countries of the currency union, and so unemployment remains lower than it otherwise would
real wages fall and so offset the inflationary effect of switching from the old currency to the new common currency
Correct Answer is: real wages fall rapidly in a recession and the economy moves quickly back to long run equilibrium so limiting the duration of the recession even when exchange rate adjustment is not possible
