Title: Oligopoly

Essay Details

Subject: Business
Author: Thomas S
Date: August 13, 2016
Level: University
Grade: B
Length: 3 / 872
No of views: 0
Essay rating: good 0, average 0, bad 0 (total score: 0)

Essay text:

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)...

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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,...

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