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
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.