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1. What is the status of producer cartels in economically developed countries? 2. Discuss the reasons the petroleum producing countries formed the OPEC cartel. 3.

1. What is the status of producer cartels in economically developed countries?

2. Discuss the reasons the petroleum producing countries formed the OPEC cartel.

3. Use the example of restaurants. Define the market that they operate in. Reflect on the characteristics of that market. Finally, discuss how they can still make economic profit in the long run.

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