Elucidate how opec would determine the price of oil

Reference no: EM1347905

Consider the dominant firm model and treat OPEC as the dominant firm. Elucidate how OPEC would determine the price of oil and the level of output produced by the cartel. How would OPEC's price and output be affected by new discoveries of oil that shift the supply curve of oil for non OPEC members to the right?

Reference no: EM1347905

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