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Ch 5 EnEc Questions and answers 2025.
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Ch 5 EnEc Questions and answers 2025.
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Ch 5 EnEc Questions andanswers 2025
Explain the argument that Rockefeller used predatory pricing to drive his
competitors out of business. Then argue that Rockefeller did not use
predatory pricing. - answer Price < minimum Average Variable Cost.
- Ordinarily, a profit maximizing firm wouldn't do this, as P = min AVC is
shut-down point in the short run, but Rockefeller had 'deep pockets'
It only works if there's a long run barrier to entry.
- If John later charges monopoly prices, it'll attract new tenants and John
will not be able to recoup short term losses.
What percentage of total energy use in the U.S. is accounted for by oil ?
What percentage of oil is used for transportation ? What percentage of
carbon dioxide emissions are due to transportation ? - answer US is 36% in
2021.
Transportation - 67%
CO2 emissions - 27%
Explain the upstream , midstream , and downstream stages of the supply
chain , giving an example of each stage related to oil production . - answer
Upstream: Production stage
- Oil Exploration, extraction
Midstream: Between Prod and End Use
- Pipeline transport, refining, storage
Downstream: Delivery to customers
- Bulk Storage, gas stations
Provide a strength and weakness of the cartel model as it applies to
OPEC . - answer Strengths
- Describes quota process
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