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1) Use the current oil crises to describe the shape of the kinked demand curve that...

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Economics

1) Use the current oil crises to describe the shape of thekinked demand curve that oligopolies face.

2) Do you expect oil priced to jump back up, why/why not?When?  

3) What are some of the pros and cons of cheap oil? Do youprefer one set of trade-offs over the other? Please explain.

4) Provide another example of a cartel (see module for MapleSyrup and Phoebus Cartel info) Explain and provide details. Did itlast? Why not?

Answer & Explanation Solved by verified expert
3.9 Ratings (508 Votes)
1 Currently oil prices are going down There are differentreasons like rivalry between Russia and Saudi Arabia OPEC wantingUSA not to enter in oil markets and hence    See Answer
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