2. What are the five conditions that a commodity must have for it to be successfully...
2. What are the five conditions that a commodity must have for it to be successfully cartelized? Which of these five conditions did sugar not fulfill?
Homework Answers
Cartel is the process of formal agreement between firms in order to protect their interests and gain out of the market.
Required conditions are as below:
No.1) the market must have few big firms dominating the industry; like OPEC countries.
No.2) product in the market is the same and cannot be differentiated; like natural gas.
No.3) the price of product is high; like crude oil.
No.4) high economies of scale, means a large production is required for reducing the average total cost; like in steel production.
No.5) quantity of production could be restricted in the market; this increases demand for the product.
In case of sugar:
The 3rd condition is not fulfilled for sugar.
The price of sugar is low; therefore, it cannot come under cartel.
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