Solution Library

Explain the Economic Structure and Possible Future Actions of OPEC countries with the help of economic market theories

Question

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, 2007).
•    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.
•    How does game theory explain the interactions of firms within oligopolies and cartels?
•    Using your own words, discuss the economic purpose of OPEC.  What has happened to oil prices over the past five years?
•    Based on your answers to the above questions, synthesize the information you have gathered and tell the economic consulting firm which actions you think OPEC will take over the next year.
•    Summarize your research findings in 2 to 3 pages ONLY.

Summary

The question belongs to Economics and it is about an economic consulting firm specializing in economic structures. Markets such as monopoly, oligopoly and cartel have been discussed in detail. These questions also explain about firms in each type of market react and interact.

Total Word Count 704

 

Download Full Solution

Comments

  • HWA
    Rasha

    this is a very good website

  • HWA
    maani

    I have 50 questions for the same test your page is showing only 28

  • HWA
    joeanne

    hi can you please help or guide me to answer my assignments. thanks

  • HWA
    joeanne

    hi can anyone help or guide me to my assignments. thanks

  • HWA
    Monik


  • HWA
    Cristina

    This solution is perfect ...thanks

  • HWA
    Janete

    Hello Allison,I love the 2nd image that you did! I also, had never heard of SumoPaint, is something that I will have to exolpre a bit! I understand completely the 52 (or so) youtube videos that you probably watched. Sometimes they have what you want, sometimes they don't! However, it is always satisfying when you are able to produce something that you have taught yourself. Great job!Debra 0 likes

  • HWA
    Sandeep

    Perfect bank of solution. 

  • HWA
    Oxana

    great !

  • HWA
    Paul Brandon-Fritzius

    thanks for the quick response. the solution looks good. :)

  • HWA
    tina Johnson

    thnx for the answer. it was perfect. just the way i wanted it. 

  • HWA
    Giuseppe

    works fine.