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Oligopoly
Essay specific features
Written by:
Philip C
Date added:
November 5, 2014
Level:
University
Grade:
A
No of pages / words:
4 / 872
Was viewed:
551 times
Rating of current essay:
Essay content:
If OPEC and other oil exporters did not compete, they could ensure much higher prices for prices for everyone.
Output quotas of its members produced staggering price increases (from $1.10 to $11.50 per barrel in the early 1970's, and up to $34.00
in the late 1970's: an increase of 3400% in ten years)...
displayed 300 characters
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The low price elasticity of oil demand implies that moderate output restrictions increases price in short run - a favorable environment for a cartel. In 1973 OPEC output
contributed two-thirds of the total world oil production.
2. In 1975 OPEC countries had a substantial market power of 70 %.
3. The effectiveness of OPEC is further enhanced since just four countries
(Saudi, Arabia, Kuwait, Iran and Venezuela) regulate 75% of OPEC’s oil
reserves,...
displayed 300 characters
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