Index
Introduction - 1
Defining A Market - 2
The Importance Of Competition - 3
The Result Of Competition - 4
Intervening In Markets - 5
The Allocative Role - 6
The Distributive Role - 7
The Regulative Role - 8
The Regulative Role (continued) - 9
The Role Of Government - 10
The Role of Government (continued) - 11
The Stabilizing Role - 12
Vertical and Horizontal Integration Defined - 13
Defining Market Structure - 14
How A Firm Can Grow - 15
Mergers and Takeovers - 16
Vertical And Horizonal Integration (Diagram) - 17
Why markets Vary in Structure - 18
Product Differentiation - 19
Product Differentiation (continued) - 20
Free Range ''Googs''- 21
Product Differentiation (continued) - 22
Non Price Competition - 23
Non Price Competition (continued) - 24
Defining The Types Of Market Structures - 25
Perfect Competition - 26
Perfect Competition (continued) - 27
The Market For Oranges - 28
The Market For Oranges (continued) - 29
Bitter Oranges - 30
Summary: Perfect Competition - 31
Monopolistic Competition - 32
True Blue Oranges - 33
Monopolistic Competition (continued) - 34
Oligopoly - 35
Oligopoly (continued) - 36
Oligopoly (continued) - 37
Kinked Demand Curves - 38
OPEC - 39
OPEC (continued) - 40
Monopoly - 41
Microsoft - 42
Why Monopolies Are Inefficient - 43
Revision Questions On Market Forms - 44

OPEC (continued) - 40
In April, 1988, seven developing world oil producers, including China, Malaysia, Mexico, Angola and Eygpt offered to join with OPEC in a move to cut world crude oil supply by 5%. The proposal came to nothing (fortunately for oil importers, like Australia). Although the OPEC countries were united in their desire for higher revenues, they were unable to put aside bitter political differences that effectively crippled the organisation.

Stop Press : August 1999 - Australian Petrol Prices Rise to 80 cents per litre

In 1999, Saudi Arabia, a senior member of OPEC, has been able to get other member states to agree to quotas, and to abide by them. World oil prices have risen by 20% - no relief in sight!