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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