tudy Tools s ss Tips « s Tips CENGAGE MINDTAP Homework (Ch 07) PRICE (Dollars) 100 90 80 70 60 40 30 20 10 0 0 MR MC Demand 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 OIL (Barrels per day) + Free Market Cartel ? Q Search this course X

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter1: Welcome To Economics!
Section: Chapter Questions
Problem 28CTQ: Can you think of ways that globalization has helped you economically? Can you think of ways that it...
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CENGAGE MINDTAP
Homework (Ch 07)
PRICE (Dollars)
https://ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=5894682496242974058071538219&elSBN=9781337
100
90
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60
50
5
40
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20
10
o
Students - MyENMU X
0
0
MR
International EconomicX
MC
Demand
1000 2000 3000 4000 5000 6000 7000 8000 9000 10000
OIL (Barrels per day)
19
MindTap - Cengage Le X
H
+
Free Market
Cartel
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MindTap - Cengage Le X
O
+
I
Search this course
X
4:39 PM
10/8/2022
X
|||
=
A-Z
22
Transcribed Image Text:All Shows | PBS L Katey ✓ My Home Courses Help Catalog and Study Tools Rental Options College Success Tips Career Success Tips @ Give Feedback X 77°F Sunny Eastern New Mexico UrX « CENGAGE MINDTAP Homework (Ch 07) PRICE (Dollars) https://ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=5894682496242974058071538219&elSBN=9781337 100 90 80 70 60 50 5 40 30 20 10 o Students - MyENMU X 0 0 MR International EconomicX MC Demand 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 OIL (Barrels per day) 19 MindTap - Cengage Le X H + Free Market Cartel a MindTap - Cengage Le X O + I Search this course X 4:39 PM 10/8/2022 X ||| = A-Z 22
All Shows | PBS
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CENGAGE MINDTAP
Homework (Ch 07)
4. The oil cartel
https://ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=5894682496242974058071538219&elSBN=9781337
Students - MyENMU X
100
Suppose that OPEC does not exist and that the 12 oil-producing nations compete in the world market, which is perfectly competitive.
Note: Dashed drop lines will automatically extend to both axes.
90
The Organization of Petroleum Exporting Countries (OPEC) is a group of 12 member countries that formed a cartel to sell petroleum on the world
market. They support prices higher than would exist under more competitive conditions to maximize member-nation profits and restrict competition
among themselves via production quotas.
On the following graph, use the black point (plus symbol) to indicate the industry's free market profit-maximizing output.
80
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60
International EconomicX
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O
MC
MindTap - Cengage Le X
ə
19
H
+
Free Market
MindTap - Cengage Le X +
Cartel
a
(?)
O
I
Search this course
X
4:39 PM
10/8/2022
X
|||
=
A-Z
21
Transcribed Image Text:All Shows | PBS L Katey ✓ My Home Courses Help Catalog and Study Tools Rental Options College Success Tips Career Success Tips @ Give Feedback X 77°F Sunny Eastern New Mexico UrX « CENGAGE MINDTAP Homework (Ch 07) 4. The oil cartel https://ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=5894682496242974058071538219&elSBN=9781337 Students - MyENMU X 100 Suppose that OPEC does not exist and that the 12 oil-producing nations compete in the world market, which is perfectly competitive. Note: Dashed drop lines will automatically extend to both axes. 90 The Organization of Petroleum Exporting Countries (OPEC) is a group of 12 member countries that formed a cartel to sell petroleum on the world market. They support prices higher than would exist under more competitive conditions to maximize member-nation profits and restrict competition among themselves via production quotas. On the following graph, use the black point (plus symbol) to indicate the industry's free market profit-maximizing output. 80 70 60 International EconomicX H O MC MindTap - Cengage Le X ə 19 H + Free Market MindTap - Cengage Le X + Cartel a (?) O I Search this course X 4:39 PM 10/8/2022 X ||| = A-Z 21
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