Petroleum Exporting Countries (OPEC)‚ inter-governmental organization‚ was established at the Baghdad Conference in Iraq in September 1960 by Iran‚ Iraq‚ Kuwait‚ Saudi Arabia‚ and Venezuela. These five countries were later joined by eight other countries; Qatar (1961)‚ Indonesia (1962)‚ Libya (1962)‚ United Arab Emirates (1967)‚ Algeria (1969)‚ Nigeria (1971)‚ Ecuador (1973)‚ and Gabon (1975). Ecuador and Gabon withdrew from OPEC in 1992 and 1994. The current eleven OPEC members account for about 40
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Exporting Countries (OPEC) is a permanent‚ intergovernmental organization‚ created in 1960 by Iran‚ Iraq‚ Kuwait‚ Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members: Qatar (1961); Indonesia (1962) which suspended its membership from January 2009; Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) suspended its membership from December 1992- October 2007; Angola (2007) and Gabon (1975-1994). Until 1965‚ OPEC had its headquarters
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The Organization of the Petroleum Exporting Countries (OPEC) is a permanent‚ intergovernmental Organization‚ created at the Baghdad Conference on September 10–14‚ 1960‚ by Iran‚ Iraq‚ Kuwait‚ Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members: Qatar (1961); Indonesia (1962) – suspended its membership from January 2009; Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) – suspended its membership from December 1992-October
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Oligopoly An oligopoly is a market form in which a market or industry is dominated by a small number of sellers (oligopolists). Oligopolies can result from various forms of collusion which reduce competition and lead to higher costs for consumers.[1] With few sellers‚ each oligopolist is likely to be aware of the actions of the others. The decisions of one firm therefore influence and are influenced by the decisions of other firms. Strategic planning by oligopolists needs to take into account the
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OLIGOPOLY INTRODUCTION Oligopolists maximize their total profits by forming a cartel and acting like a monopolist. Yet‚ if oligopolists make decisions about production levels individually‚ the result is a greater quantity and a lower price than under the monopoly outcome. The larger the number of firms in the oligopoly‚ the closer the quantity and price will be to the levels that would prevail under competition. The prisoners’ dilemma shows that self-interest can prevent people from maintaining
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Oligopoly Characteristics Oligopoly is the main form of modern market structure. The term "oligopoly" is used to define a market in which there are few companies‚ some of which control a large share of the market. In the oligopoly industry some major companies compete among themselves and the introduction of new firms on this market is complicated‚ because of the presence of barriers to entry. Products manufactured by firms can be both homogeneous and/or differentiated. Homogeneous products have
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There are various types of market structures but the most important of all is the oligopolistic market structure. An oligopoly is when a market is dominated by relatively few large firms. An example of an oligopolistic market structure is commercial banking and the newspaper industry. One of the other market structures is Perfect Competition (PC). The way that firms in perfect competition set the price of their products is through the MC=MR condition for profit maximization and at the same time
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ANALYSIS OF MARKET STRUCTURE DATE: 8TH NOVEMBER 2014 SR. NO TOPIC PAGE NO. 1 OLIGOPOLY 3 2 PERFECT COMPETITION 5 3 MONOPOLY 7 4 MONOPOLISTIC 9 5 COMPARISON 11 Oligopoly An Oligopoly is an industry dominated by a few firms‚ e.g. supermarkets‚ petrol‚ car industry etc. The main features of oligopoly: An industry which is dominated by a few firms. Interdependence of firms‚ firms will be affected by how other firms set price and output
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collusive oligopoly (10 marks) * * Oligopoly‚ is a market form in which where few sellers dominate the market for an identical or differentiated good‚ and where there are high barriers to entry. The market is determined by very few‚ however very large firms. The barriers of entry are very significant‚ as they include high initial fixed costs‚ access to resources and economies of scale and legal barriers. Unlike perfect competition where there are identical products‚ in an Oligopoly you have
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Economic and Social benefits of collusion: Collusive oligopoly can bring about economic benefits to consumers. Firstly‚ cartels results in a uniform market structure with one price and one level of output produced. The result is greater consumer or business confidence‚ as expenditure can be more easily planned. One example of where prices were maintained relatively constant would be oil in the 1990s; where OPEC aimed to charge between $25 and $35 per barrel of oil. In doing so‚ businesses requiring
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