Lecture Issues in economics today - Chapter 39: Energy prices
Lecture Issues in economics today - Chapter 39: Energy prices
When you finish this chapter, you should: Define a cartel, model how a cartel can make their members large sums of money, show why cartels are not typically stable and describe the conditions necessary for creating cartel stability, evaluate whether OPEC qualifies as a cartel, summarize the history of inflation-adjusted oil and gasoline prices.