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  •  Demand and supply, market structures

Click to read the article below and then answer the questions:

Russian supply curbs exacerbate squeeze on European gas market

  • What is a spot market?

  • Gazprom is referred to as ‘Russia’s state-backed monopoly.’ Identify and explain two other sources of monopoly power

  • Having read the article, identify the demand and supply side factors which have pushed natural gas prices to their highest level since 2008

  • Using a diagram, analyse how a monopoly restricts output in order to raise price

  • ‘Exports of natural gas . . . have dropped roughly one-fifth . . . despite a sharp rebound in demand.’ Using a diagram, analyse the effects of these changes in demand and supply on the gas market

Gavin Clarke, Emmanuel College

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