- Does OPEC fit the oligopoly model? Why or why not?
- What are the potential benefits for firms that participate in a cartel relative to firms in monopolistic competition?
- What problems do cartels face in getting all members to cooperate? Which specific problems are important for OPEC?
Check out the following article discussing OPEC: http://www.econlib.org/library/Enc/OPEC.html
Note: I want this by tonight 10.00 pm. (New York Time)