Question #77128

suppose that there are only two firms in the petroleum market that are Saudi Aramco (SA) and Kuwait Petroleum Corporation (KPC). They give you some information about the petroleum market and you have to answer the question below.

#Demand Equation: P=110-Q

Expert's answer

If there are only two firms in the petroleum market that are Saudi Aramco (SA) and Kuwait Petroleum Corporation (KPC) and Demand Equation is P=110-Q, then this market is oligopolistic.

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