Homework Answers
31. a) This mode of conduct is known as cartels.
b) Cartels are illegal in the U.S because of the prevailing antitrust laws.
c) The important elements necessary for the cartels to succeed are restricting the entry of the firms to the market and determining the prices jointly.
d) The changing scenario of the world market has hindered the controlling of prices by OPEC. OPEC earns profit by setting high prices on limited supply. Now, when there are other countries supplying oil, the OPEC lost its control over the oil market.
e) The working of the OPEC seems to be efficient in the short run but in the long run it is less efficient. This is because the difference of policies between the OPEC and individual economies.
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