Write a short analytical report (4 pages) on how organizations with market power set the price of their product in a mass market in accordance with the prompt below. In this topic, you have to introduce different price strategies that involve price discrimination.
Go to the library and find and read the following articles.
Vara, V. (2017). How frackers beat OPEC: the surprising ingenuity of the American shale-oil industry–and its huge global consequences. The Atlantic, (1). 20.
Oil & gas firms call for extension of pricing freedom to existing fields. (2016). FRPT- Chemical Snapshot, 14-16.
Ford, N. (2016). Winners and losers in an era of cheap oil: the impact of low oil and gas prices varies from country to country but the effects are not as straightforward as might be expected. African Business, (431). 51.
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You may also find helpful information at:http://www.economist.com/topics/oil-prices
The Organization of Petroleum Exporting Countries (OPEC) is a cartel that attempts to keep oil prices high by restricting output. As part of that process
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