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The power of the cartel has declined as well as its ability to dictate prices of oil due to the financial condition of its members that has barred them from reducing production. I feel the collapsing oil…
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Download file to see previous pages From the comment, I think the 60% fall in oil will make larger companies to suffer because OPEC is likely to give up some market share. In addition, the smaller shale companies are likely to collapse because in the long run they will run into huge losses for operating below the breakeven point. The collapsing oil prices will lead Russian into economic recession because of their worsening financial condition.
Basically I think it is the free market that prevents monopoly from forming. Monopolies that are often seen as free market monopolies are not actually monopolies because the fee market often prevents individuals from cornering the market. A free market does not allow coercive monopolies because it is open to all and not for only one company. There is always someone else or another company that is willing and/or capable of making the same product for lesser or the same price. Coercive monopolies can be given to the free market agents by government legislation, for instance franchise business for only a specific group of people, however, the government can interfere incase such people are exploiting the market.
Monopolies do not exist in a free market because it has unrestricted competition. However, monopolies can be granted by only the regulation by the government. Patents only restricts the use of the inventor’s invention but does not prevent others from coming up with almost a similar invention. For instance, the fact that Coca Cola has patented its Coke brand has not prevented PepsiCo from inventing Pepsi cola.
Income brackets have created divisions of classes that have inequities and disparities income due to barriers created by society, however there is considerable income mobility. I think there is income mobility but the individuals do not notice it easily due to the relative value of money because as income rises, the prices of products also rise. In ...Download file to see next pagesRead More
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