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Title: Oligopoly

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Subject: Business
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Date: December 29, 2003
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Length: 3 / 872
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There will be one market demand function (AR & MR) and many cost functions (AC and MC) as the number of competing countries in the OPEC. So various MC curves can then be summed up horizontally to get the combined MC (CMC). The point where CMC and MR curve intersect gives the point of maximum profit output...

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AR curve will give the equilibrium price. The distribution of industry output among countries would be obtained by equating MR=MC through a horizontal straight line passing through the point of intersection between CMC and MR curves. Below is the diagram of Homogeneous oligopoly pricing under perfect collusion: OPEC output and prices are shown in last part (d) where CMC was obtained by horizontal sum up of MC1 ,MC2 & MC3 i...

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