Explain the difference between a monopoly and an oligopoly, and a cartel.
-Provide an example of a monopoly, an oligopoly, and a cartel.
-What are the welfare effects of monopolies and oligopolies.
-How does game theory explain the interactions of firms within oligopolies and cartels?
-What is the economic purpose of OPEC. What has happened to oil prices over the past five years?
-Synthesize the information gathered and tell the economic consulting firm which actions you think OPEC will take over the next year.
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