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Answer to Question #77128 in Economics of Enterprise for Farhan Zahid

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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