When OPEC raised the price of oil dramatically in the mid-1970s, experts said it was unlikely that
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When OPEC raised the price of oil dramatically in the mid-1970s, experts said it was unlikely that the cartel could stay together over the long term—that the incentives for individual members to cheat would become too strong. More than forty years later, OPEC still exists. Why do you think OPEC has been able to beat the odds and continue to collude? Hint: You may wish to consider non-economic reasons.
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The continued existence of OPEC Organization of the Petroleum Exporting Countries and its ability to maintain some level of coordination over the long term despite economic incentives for individual m...View the full answer
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