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What are the market structures of the wholesale and retail gasoline markets? Hint: Are the wholesale markets perfectly competitive, oligopolistic, monopolistic, monopolistically competitive? Is the retail gasoline market perfectly competitive? 2. How do these market structures at various stages of the gasoline supply chain affect gasoline prices? More hints for questions 1 & 2: what is OPEC and what does it try to do? Is it successful in its goals? Why or why not? 3. What are some other factors affecting gasoline prices?
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