In order to stabilize oil price in the world market, ther...
In order to stabilize oil price in the world market, there is the need for OPEC members to
Always have budget deficit
Encourage competition among themselves
Adhere to production quotas
Fix the price of non-oil products
Correct answer is C
One way OPEC members can work towards stabilizing prices of oil in the market is by obeying production quota set by the organisation. A production quota is a goal for the production of a good. By obeying the various quota set by the organisation, the market can be controlled and prices stabilized.
Quotas can be set high to encourage production, or can be set low and used to restrict production to support a certain price level.
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