Do cartels work in controlling price? Use OPEC as your example your analysis.
ANSWER: Ofcourse yes, The cartel will control the competition on the prices by controlling the prices of the goods. Whenever once they are formed, cartels can fix the price for the members, So that the competition on price is avoided. In such a case cartels are also called as the price rings. They can also restrict the output that is released on to the market, such as with the OPEC and also oil production quotas and set rules that governs several other factors of the behaviour of members.
Do cartels work in controlling price? Use OPEC as your example your analysis.
.How do you use statistical analysis in your work or even home life? Please give examples of how you use it or, if you do not think you use it, how it is used in your work place.
Question 3. Use game theory to explain why cartels are hard to maintain even without government crack downs. (20%) Question 4. Provide your group discussion outputs for the following questions. (30%) I. What's the demand elasticity Shkreli thought he was facing at that price? II. Should Martin Shkreli lower the price for Daraprim?
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