The OPEC marketing policy of fixing minimum price allows members to
Answer Details
The OPEC (Organization of the Petroleum Exporting Countries) marketing policy of fixing a minimum price for oil allows its members to sell above the minimum price. This means that the members are not allowed to sell their oil below the minimum price, which is set by the organization. However, they are free to sell their oil above the minimum price, depending on the demand for their product in the market. By fixing the minimum price, OPEC aims to control the supply and demand for oil in the market and maintain stable prices. This allows its members to earn higher profits by selling their oil at a higher price, which can help to support their economies. The members do not have the freedom to determine the price and quantity to sell or negotiate the price with customers as they are bound by the minimum price set by the organization.