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Q3. What type of market structure does OPEC operate in? Let's assume that OPEC has added 23 new nations to its list of oil producers

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Q3. What type of market structure does OPEC operate in? Let's assume that OPEC has added 23 new nations to its list of oil producers and exporters, what type of market will OPEC operate in now? Support your answer with a brief explanation. (4 Marks) (100-150 words)

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