JAMB - Economics (2008 - No. 37)
The OPEC marketing policy of fixing minimum price allows members to
sell above minimum price
sell below minimum price
determine the price and quantity to sell
negotiate price with customers
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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