Check out the following article OPEC, http://www.econlib.org/library/Enc/OPEC/html
http://www.opec.org/opec_web/en/17.htm
NOTE: Consider the following: 1. Does OPEC fit the oligopoly model? Why or why not? 2. What problem do cartels face in getting all member to cooperate? Which specific problems are imported for OPEC? 3. What issues impact the ability of a cartel to be successful? FOLLOW UP: Read the following article, http://www.econlib.orglibrary/Enc/Game Theory. htm 1. How can game theory be used to understand how individuals and firms make decisions? 2. How can game theory be used to explain somewhat odd decisions that seem counter to the individuals best interest? Lastly, create 2 question about either topic to ask classmates TO ORDER FOR THIS QUESTION OR A SIMILAR ONE, CLICK THE ORDER NOW BUTTON AND ON THE ORDER FORM, FILL ALL THE REQUIRED DETAILS THEN TRACE THE DISCOUNT CODE, TYPE IT ON THE DISCOUNT BOX AND CLICK ON ‘USE CODE’ TO EFFECT YOUR DISCOUNT. THANK YOU
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