Illustrate what has happened to oil prices over past five yr

Reference no: EM1337752

You have been contracted by an economic consulting firm to determine the economic structure and possible future actions of OPEC, the Organization of Petroleum Exporting Countries.

Using the Library, the Internet, and your course materials, find websites that offer this information and answer the following questions (Perloff, 2004).

Explain the difference between a monopoly and an oligopoly,and a cartel.
Provide an example of a monopoly, an oligopoly, and a cartel.
Discuss the welfare effects of monopolies and oligopolies.
Explain the game theory.
Using your own words, discuss the economic purpose of OPEC. What has happened to oil prices over the past five years?

Reference no: EM1337752

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Illustrate what has happened to oil prices over past five yr : In your own words, discuss the economic purpose of OPEC. Illustrate what has happened to oil prices over the past five years.

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