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Essay / Research Paper Abstract
This 4-page paper discusses the Organization of Petroleum Exporting Countries (OPEC), its structure and economics. The paper also discusses differences between cartel, monopoly and oligopoly. Bibliography lists 2 sources.
Page Count:
4 pages (~225 words per page)
File: AS43_MTmooligop.rtf
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Unformatted sample text from the term paper:
we delve into OPECs reason and structure, there are some basic terms we need to discuss. First of all, OPEC is a self-acknowledged cartel (according to its website). The definition
of cartel comes up with three entries: A written agreement between belligerent countries; enterprises that combine together to limit competition and/or to fix prices and a combination of political groups
that bind together for common action (Cartel, 2009). Whats interesting to examine here is the etymology of the word; its origins are from the French, in which a cartel was
a letter of defiance (in Old Italian, cartello means placard) (Cartel, 2009). For purposes of our discussion, however, well use the second definition of cartel as it pertains to OPEC.
OPEC is a group of oil-producing nations in the Middle East that have come together to control prices of oil, establish production and limit competition. A cartel is different from
a monopoly and oligopoly, however. A monopoly is defined as a market structure in which there is only one company/producer/seller for a particular product (Economics Basics, 2009). A good example
of a monopoly are firms that are pioneers, or first movers. The pharmacy industry is also a great example of monopoly. When pharmaceutical companies come out with a new type
of drug, the copyright or patent on those drugs effectively erase all competition for a period of several years, to allow the companies to recoup the investment costs (or at
least, this is what BigPharma says). This means the drug company in question is the only one that can manufacture that product. After a period of time, when the patent
expires, others can come into the industry. An oligopoly involves a few firms that make up an industry - and these firms have control over price (Economics Basics, 2009). Also,
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