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
Correct Answer: A. sell above minimum price
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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