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1. Is demand for oil and gas elastic or inelastic? How does that affect oil companies' total revenues when oil prices rise? 2. Describe how

1. Is demand for oil and gas elastic or inelastic? How does that affect oil companies' total revenues when oil prices rise? 2. Describe how OPEC's cartel power affects their ability to control market prices? What systems need to be in place to maintain cooperation in the cartel? 3. Is supply of oil elastic or inelastic? What factors would determine this

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