Question 1: Explain the difference between a monopoly and an oligopoly, and a cartel.
Question 2: Provide an example of a monopoly, an oligopoly, and a cartel.
Question 3: What are the welfare effects of monopolies and oligopolies.
Question 4: How does game theory explain the interactions of firms within oligopolies and cartels?
Question 5: What is the economic purpose of OPEC. What has happened to oil prices over the past five years?
Question 6: Synthesize the information gathered and tell the economic consulting firm which actions you think OPEC will take over the next year.