Business, 12.08.2019 20:20 sierravick123owr441

The cartel of oil-producing nations (opec) once controlled about 80% of the world petroleum market, but opec's market share has declined to about half of its former level. this outcome is a good example of how firms may have:
a) relatively high short-run monopoly power that strengthens in the long run.
b) relatively high short-run monopoly power that declines in the long run.
c) relatively low short-run monopoly power that strengthens in the long run.
d) relatively low short-run monopoly power that declines in the long run.

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The cartel of oil-producing nations (opec) once controlled about 80% of the world petroleum market,...

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