(i) Collusion is common among oligopoly firms. Discuss the factors that make collusion likely to succeed. Use the relevant industry to support your answer. Oligopolistic firms are known to be independent as there are only a few sellers dominating the market; therefore changes in the price‚ sales or output of a firm will surely affect their competitors. The telecommunication industry in Malaysia exhibits the oligopoly market. For instance‚ Maxis or Digi customers are more likely to subscribe to Celcom
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THE GREENSPAN ERA In October 1979‚ as Organization of Petroleum Exporting Countries (OPEC) was imposing adverse supply shocks on the world’s economies for the second time in a decade‚ Fed Chairman Paul Volcker decided that the time for action had come. Volcker had been appointed chairman by President Carter only two months earlier‚ and he had taken the job knowing that inflation had reached unacceptable levels. As guardian of the nation’s monetary system‚ he felt he had little choice but to pursue
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essentials of Oil & Gas industry Vaisakh Venugopal The assignment helps in understanding the Overview of historical outline and theoretical frame work on origin of oil and gas ‚the Current world energy scenario and relevance of oil and gas‚ What oil and gas is physically‚ chemically‚ technically and economically‚ working of the oil and gas industry: upstream‚ midstream and downstream‚ Oil markets and their working‚ Supply and demand trends‚ forecasts‚ pricing of oil and gas and their derivatives
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Analysis of the Economic & Environmental Effects of Fracking Introduction Fracking‚ or hydraulic fracturing‚ is the process of extracting natural gas from shale rock. Fracking allows the world to retain natural gas from depths that were deemed unreachable by conventional technology. Recent advancements in Fracking technology have propelled America to the forefront of natural gas extraction. By this method‚ the shale rock is punctured with a high pressure fluid‚ causing it to rupture and
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‘The global economy has moved on from the Asian Tigers; the present and the future of the global economy now lie elsewhere.’ To what extent do you agree with this statement? (40 marks) The Asian Tigers‚ consisting of Hong Kong‚ South Korea‚ Singapore and Taiwan‚ were the second group of countries to develop after World War II‚ with the first being Japan. The Asian Tigers were able to develop due to a combination of comparative advantages‚ including partially existing developed levels of infrastructure
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Practice exercise: Supply‚ demand and market equilibrium The World Market for Crude Oil: Is the Era of Cheap Oil Over? Written by Daniel Fernández-Kranz* Last updated April‚ 2013 * The material used in this exercise comes mainly from the document on the market for crude oil from the Research Department of ‘La Caixa’‚ September 2008: Oil-thirsty emerging economies. The Price of oil has experienced a sharp increase since 2000. Many have warned that the era of cheap oil is over and that this can
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Venezuela situation “Hugo Chavez was the elected strongman of Venezuela who took office in 1999 and remained there until his death from cancer in 2013. Hugo Chavez was the son of schoolteachers‚ and he graduated from the Venezuelan Academy of Military Sciences in 1975. An engaging speaker and charismatic personality‚ he was elected to the presidency as a leftist reformer and modern-day Simón Bolívar. (His reforms were called the "Bolivarian Revolution.") After taking office on 2 February 1999‚ he
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Why does oil prices rise and fall? Of all industries in the world‚ oil industry is indeed an international business which affects most countries in the world. As the oil is the most consumed energy‚ it plays a vital role in daily lives as well as economy and social development. Also‚ the oil industry leads to new technology development both directly and indirectly. It has been deployed as a means for economy and political negotiation. Nevertheless‚ “crude oil” when refined into various petroleum
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illustrate this we need to look no further than the relations between Saudi Arabia and the other OPEC members‚ starting from the 1980s‚ through the oil crisis of in the 90s and up until this point. This will allow us to take a peek at the “game theory” behind political decisions in a context of a repeated game‚ the consequences of mistrust and miscommunication and will show us when actors can get better results. OPEC accounts for about 40% of the world’s oil production with Saudi Arabia‚ responsible for 13%
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relevant because not all oil wells are not drilled straight down‚ some oil services companies specialize in drilling angled or horizontal holes. The Organization of Petroleum Exporting Countries (OPEC) is an intergovernmental organization dedicated to the stability and prosperity of the petroleum market. OPEC has 11 member countries. The world’s top exporters of petroleum are Saudi Arabia
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