Microeconomics (OPEC)

Check out the following article OPEC, http://www.econlib.org/library/Enc/OPEC/html

http://www.opec.org/opec_web/en/17.htm

NOTE: Consider the following:
1. Does OPEC fit the oligopoly model? Why or why not?
2. What problem do cartels face in getting all member to cooperate? Which specific problems are imported for OPEC?
3. What issues impact the ability of a cartel to be successful?
FOLLOW UP: Read the following article, http://www.econlib.orglibrary/Enc/Game Theory. htm
1. How can game theory be used to understand how individuals and firms make decisions?
2. How can game theory be used to explain somewhat odd decisions that seem counter to the individuals best interest?
Lastly, create 2 question about either topic to ask classmates
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