Market structure for opec

Reference no: EM1314687

The price for a barrel of oil has recently decreased after experiencing record increases in prices over the past year or so.

Please answer the following questions

1. What type of market structure is OPEC?

2. What are some important issues that OPEC must confront in their efforts to control the price of oil?

3. Would you expect OPEC to experience profits in the long-run? Please explain fully. Hint: Make sure you include possible reactions to the higher prices.

4. Were there any responses to the record high prices for oil? If yes, what were they?

Reference no: EM1314687

Questions Cloud

Preparation of cash budget for a month : Preparation of cash budget for a month - Prepare a basic cash budget for the month of January

What force on the rope is required to start crate sliding : A crate of mass 150.0 kg lies at rest on a horizontal storage room floor. The coefficient of static friction between crate and floor is 0.72, and the coefficient of kinetic friction is 0.85. (You may suppose g = 10.0m/s2).

Changes in slope or position of ad curve : Explain what would happen to the slope or position of the AD curve in the following circumstances.

Prepare a budgeted income statement for next year : Prepare a budgeted Income Statement - Prepare a budgeted income statement for next year assuming that the company reduces prices as planned.

Market structure for opec : What type of market structure is OPEC? What are some important issues that OPEC must confront in their efforts to control the price of oil?

Solving algebraic expression by multiplication rule : Algebraic expression by multiplication rule.

Prepare an overhead budget for the expected activity level : Prepare an overhead budget for the expected activity level for the coming year and Prepare an overhead budget that reflects production that is 25 percent lower than expected.

The coefficient of rolling friction for rubber on ramp : A motorcycle daredevil plans to ride up a 2.50m high 25.0° ramp, sail across a 10-m-wide pool filled with hungry crocodiles, and land at ground level on the other side.

Find the least-cost matrix : Using What's Best! (Or solver) find the least-cost matrix.

User Account

All Pages