Business, 20.04.2021 20:40, SunsetPrincess

Supply, Demand, and Competition OPEC is a great example of an oligopoly where there are only a few producers of a good, which in this case is Oil. The 1973 crisis definitely highlighted the power that one organized group can have. In this case, how would having more competition between sellers have changed the way this event played out? This would be an example of monopolistic competition.

(reading is oil crisis of 1973)

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Supply, Demand, and Competition OPEC is a great example of an oligopoly where there are only a few...