The Organization of Petroleum Exporting Countries (OPEC) is considered A) an oligopoly.
An oligopoly is a market structure characterized by a small number of large firms that dominate the industry. In the case of OPEC, it consists of 13 member countries that collectively control a significant portion of the world's oil reserves and production. These member countries, such as Saudi Arabia, Iran, and Venezuela, have substantial influence over global oil prices and supply. As an oligopoly, OPEC has the ability to coordinate and manipulate oil production levels to impact market conditions and prices, making it a dominant force in the global oil industry.
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