Question

Cartels and their role in the manipulation of gas and oil prices. Expain ...for Assignment​

Answer 1

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The governments of the OPEC countries agreed to coordinate with petroleum firms (both state owned and private) in order to manipulate the worldwide oil supply and therefore the price of oil. When firms agree to collude, that is they agree to a certain price and quantity for a good or service, they create a cartel.

• They control the “supply” in “supply vs demand”, if I reduce supply below demand, the price will be bid up. ... And then when they go out of business the price will rise to a level higher than before I drove them out of business.

Answer 2

Explanation:

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