look is it ......???
Oil Industry lies in the oligopolistic market structure which has few no of sellers in the market and people are bound to fulfill their needs through this limited supply, so price rise does not effect much on their demand. secondly the oligopolists are well aware of moves. Thats why demand curve of oil is relatively inelastic.
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-- Oil Industry lies in the oligopolistic market structure which has few no of sellers in the market and people are bound to fulfill their needs through this limited supply, so price rise does not effect much on their demand. secondly the oligopolists are well aware of moves. Thats why demand curve of oil is relatively inelastic.
On Wed, Jun 8, 2011 at 10:58 PM, mc100200349 Naveed Yar Khan <mc100200349@vu.edu.pk> wrote:
plz any ine send me idea solution of ECO401 GDB
On Wed, Jun 8, 2011 at 10:14 AM, mc100200928 Abdur Razaq
<mc100200928@vu.edu.pk> wrote:
> The major oil producing countries had made a cartel named "OPEC" (oil
> producing and exporting countries) in 1960. OPEC exports oil to rest
> of the world; there are significant problems for entrance in the
> market for oil. In which market structure this case falls and why the
> demand curve of oil is relatively inelastic?~R
>
> AR KOTWAL
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