Modeling Cartel Behaviour

1. Modelling Cartel Behaviour. (a) (1 pt.) List and describe the three different types of firms in the hybrid model of the oil market constructed by Griffin & Steele? (b) (1 pt.) In the hybrid model, what is the supply curve of the the core cartel producers? (c) (3 pts.) Show graphically how the actions of the core cartel producers determine the market price. Be sure to label you graph carefully and to explain it