(Answered) 1nbspbriefly explain how firms competeset price under

Economics

1. Briefly explain how firms compete/set price under -

Perfect competition
Oligopoly

2. Most recently, the price of oil has fallen drastically. Explain if this is a result of:

A drastic reduction in the cost of production (i.e. shift in the supply curve)?
A fall in the demand for oil and oil products ( i.e. shift in the demand curve?
A change in the Speculative Activity ( i.e. change in stock piling)?
Other factors ?

( Based on current oil pricing in the global market)

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