Economics · Market Structures and Cartels
Given below are two statements: one is labelled as Assertion (A) and the other is labelled as Reason (R). Assertion (A): The Organisation of Petroleum Exporting Countries (OPEC) has failed to maintain exceptionally high prices of petroleum products in the long run. Reason (R): For petroleum products, both the demand and supply are highly elastic in the long run. In the light of the above statements, choose the most appropriate answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1(A) is not correct but (R) is correct
- 2(A) is correct but (R) is not correct✓
- 3Both (A) and (R) are correct but (R) is not the correct explanation of (A)
- 4Both (A) and (R) are correct and (R) is the correct explanation of (A)
Correct answer
(A) is correct but (R) is not correct
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