06-09-2011, 09:27 PM
The major oil producing countries had made a cartel named “OPEC” (oil producing and exporting countries) in 1960. OPEC exports oil to rest of the world; there are significant problems for entrance in the market for oil. In which market structure this case falls and why the demand curve of oil is relatively inelastic?
NOTE: your answer must not exceed from 50 words.
NOTE: your answer must not exceed from 50 words.
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