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C/B/2847. An analysis of OPEC Cartel and the UK Supermarket industry regarding economics and the recession

WORDS:

1900

DATE:

2010

PRICE:

19.99 GBP

This paper answers a series of questions about a text on the Organisation of Petroleum Exporting Countries (OPEC) cartel and two extracts on the UK supermarket industry. The paper explains OPEC Cartel, describes what type of market that the oil industry is in, explains how OPEC sets their price and output, and analyses why they operate the way they do. The paper discusses ‘cheating’ in the oil industry and the way OPEC deals with it, as well as the implications of high oil prices. The OPEC section concludes by discussing the recession and by illustrating the oil price changes between 2001-mid 2008 and mid 2008-early 2009. The paper then goes onto discussing the UK supermarket industry, by comparing Aldi and Tesco in relation to market share and by describing the type of market structure the supermarket industry is. The way in which supermarket firms set their prices to attain abnormal profits is analysed, and the paper concludes by discussing the recession in view of the UK supermarket industry

KEYWORDS: Organisation of Petroleum Exporting Countries, OPEC Cartel, UK Supermarket industry, oil industry, price, output, cheating, the recession, oil price, downturn, Aldi, Tesco, market share, market structure, profits,