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Economic inefficiencies and deadweight losses

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Reference no: EM133125232

Monopolies and cartels are usually associated with economic inefficiencies and deadweight losses. With a common-pool resource, however, asset values are non- existent, and resources are depleted more quickly than would be optimal. Examine how OPEC, a cartel, sets prices and discuss the role of this type pricing with respect to resource conservation.

Reference no: EM133125232

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