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OPEC is a collection of oil exporting countries. Oligopoly - Industry that is controlled by a few major players (firms or countries) Collusion - When industry leaders secretly agree to limit quantities of production. This will guarantee the colluders a higher price for their product OPEC meet to discuss the quantity of oil they will allow onto the world market. This is collusion. Because the OPEC members are the main suppliers of oil they are said to be an oligopoly
Wiki User
∙ 15y ago
Wiki User
∙ 15y agoOPEC is not a monopoly, but the press likes to exaggerate its power by calling it a monopoly. Monopoly is defined as: "..a specific individual or enterprise that has sufficient control over a particular product or service to determine significantly the terms on which other individuals shall have access to it." OPEC is made up of 12 countries and they do not control world oil production. Technically, they are an "Oligopoly," which is defined as: "a market situation in which each of a few producers affects but does not control the market." Monopoly just sounds more important, so people use it to make OPEC seem bigger and badder than it really is.
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Is OPEC an example of oligopoly market?
yes it is
What is the definition of collusive oligopoly?
Collusive oligopoly is an industry that only contains few producers (oligopoly), in which producers agree among one another as to pricing of output and allocation of output markets among themselves. Cartel, such as OPEC, are collusive oligopolies.
Is asda a monopoly or oligopoly?
oligopoly
Is sainsbury's monopoly or oligopoly?
Oligopoly!
Difference between bileteral trade and multilateral trade?
one is multilateral one is bilateral
Is OPEC an example of oligopoly market?
yes it is
What kind of influence do the countries of OPEC have?
OPEC forms an oligopoly in the oil market by coordinating policies of the oil-producing countries in order to ensure a steady income.
What is the definition of collusive oligopoly?
Collusive oligopoly is an industry that only contains few producers (oligopoly), in which producers agree among one another as to pricing of output and allocation of output markets among themselves. Cartel, such as OPEC, are collusive oligopolies.
How can you use multilateral in a sentence?
I am multilateral ...-_-
What is a sentence using the word multilateral?
Multilateral talks resulted in little progress.The multilateral plans were inclusive of all indigenous groups. The proposed government's multilateral structure appealed to the American colonists.
Is asda a monopoly or oligopoly?
oligopoly
Is sainsbury's monopoly or oligopoly?
Oligopoly!
Difference between bileteral trade and multilateral trade?
one is multilateral one is bilateral
Who owns OPEC?
opec
Is comcast a monopoly or oligopoly market structure?
Oligopoly
Is airline industry a oligopoly or monopolistic?
Oligopolistic
What is the price elasticity in a oligopoly?
in oligopoly what is the nature of price elasticity
