OPEC nations as a group would make more profit from oil if they restricted the supply and thus sold less but at a higher price, as the demand for oil is relatively inelastic. If that is true, why has it been so difficult for OPEC to keep its members from cheating (and selling more oil than agreed on)? Click here for more on this paper…….
Click here to have a similar A+ quality paper done for you by one of our writers within the set deadline at a discounted2. Another factor that has weakened OPEC control is oil discoveries in other countries, induced in part by expected profits due to high prices. How does this increased supply of oil reduce OPEC’s ability to set world oil prices? 3. Would it be possible for United States oil companies to form a cartel to attempt to raise United States oil revenues? Explain.Click here for more on this paper…….
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