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Describe the difference between monopoly and oligopoly, and cartel. Give the ex of monopoly, oligopoly, and  cartel. Describe the welfare effects of monopolies and oligopolies. Describe the game theory.

Using your own words, describe the economic purpose of OPEC. What has occurred to oil prices over past five years?

Based on your answers to above problems, synthesize information you have collected and tell economic consulting firm which actions you believe OPEC will take over next year.

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