1. Present alternative definitions of sustainability. Give examples for each definition. Discuss the relationship between dynamic efficiency and sustainability.
2. Analyze diagrammatically the effect of price ceilings on the market for natural gas utilizing the concepts of scarcity rent and marginal user cost.
3. Discuss how OPEC colludes to gain market power and acts as a monopolist. Describe the conditions of a successful cartelization.
4. Analyze graphically the issues of climate change and national security from the perspective of an oil importing country such as the US. How would an embargo affect the welfare (net benefit) of this country? Is it necessarily efficient for this country to pursue self-sufficiency?