Difference between monopoly and oligopoly

Reference no: EM1370544

1. Describe the difference between a monopoly and an oligopoly, and a cartel.

2. Provide an example of the monopoly, an oligopoly, and a cartel.

3. Write down the welfare effects of monopolies and oligopolies.

4. How does game theory describe the interactions of firms in oligopolies and cartels?

5. Illustrate out the economic purpose of OPEC. What has happened to oil prices over the past five years?

6. Synthesize the information gathered and tell economic consulting firm which actions you think OPEC will take over the next year.

Reference no: EM1370544

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