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As a major oil-producing country, Russia has recently announced halting supplies of natural gas to Poland and Bulgaria due to the West’s support for Ukraine (Higgins, 2022) while OPEC and its allies have refused to increase crude oil production which has left the oil market in low supply and higher prices. Having studied week 4 modules, would you describe both Russia and OPEC and its allies’ market structure as Monopoly or Oligarchy? Explain your response with examples.
Note: 1. Your discussion should not be more than half a page.
2. Copy and paste equal to a zero score.
3. Include at least two references (sources of ideas you include in the discussion). References must be in APA style. See the samples below.
Asante-Mohammad, D., Chuck, C., Hoxie, J., & Nieves, E. (2016). The Ever-Growing Gap: Without Change, African-Americans and Latinos Families won’t Match White Wealth for Centuries. Washington: CFED, Racial Wealth Divide Initiative & Institute for Policy Studies.
Baird, K. (2006). Access to College: The Role of Tuition, Financial Aid, Scholastic Preparation and College Supply in Public College Enrolment. NASFAA Journal of Student Financial Aid, vol. 36, No. 3.
Bertrand, M., & Mullianathan, S. (2004). Are Emily and Greg More Employable Than Lakisha and Jamal? A Field Experiment on Labor Market Discrimination. The American Economic Review.