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Essay / Research Paper Abstract
This 4 page paper looks at a number of concepts that are important in business and in the oil industry. The paper discusses the meaning of monopoly, oligopoly, cartel, the concept of game theory and the purpose of OPEC ending with prediction on what actions OPEC are likely to take in their future. The bibliography cites 4 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEMonOPEC.rtf
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Unformatted sample text from the term paper:
one company in the sector, there is no competition and therefore the service or product is unique and differentiation standardisation is not an issue as there is only the one
product or service available (Thompson, 2007). This single company control means that market forces will mean very weak as the monopoly
is often in an industry where there is elasticity of a company is below 1 and as such is an essential service, therefore there is a large amount of power
with the supplier and as such there are many problems with a monopoly. If a competitor wishes to enter that market they will not be able to as their entrance
will be completely blocked (Thompson, 2007). There will also be a high degree of asymmetry of information in this market structure. There are many examples we may cite, in the
past there have been monopolies for many of the different utilities, such as only one electricity company or water company. In addition to this there have also been monopolies on
other industries, for example Aeroflot was the only Russian air company, and as such had a monopoly. However this can also have some benefits, although it does not stimulate development,
it will provide the services and is a useful model where there may not be the demand to pay for services such as with utilities in remote areas, and it
may also be argued that the national armed forces may be monopolies. In an oligopoly there either only a few operators, or the market is dominated by only a
few operators, even if they are operating under subsidiary companies. If there are a large number of companies then the majority of the market place will be one where there
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