When OPEC raised the price of oil dramatically in the mid-1970s, experts said it was unlikely that
Question:
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.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 0% (2 reviews)
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
Answered By
Jonas Araujo
I have recently received the degree of PhD. In Physics by the Universidade Federal do Maranhão after spending a term in Durham University, as I have been awarded a scholarship from a Brazilian mobility program. During my PhD. I have performed research mainly in Theoretical Physics and published works in distinguished Journals (check my ORCID: https://orcid.org/0000-0002-4324-1184).
During my BSc. I have been awarded a scholarship to study for a year in the University of Evansville, where I have worked in detection-analysis of photon correlations in the the Photonics Laboratory. There I was a tutor in Electromagnetism, Classical Mechanics and Calculus for most of that year (2012).
I am very dedicated, honest and a fast learner, but most of all, I value a job well done.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Now that you have background on ethics and a set of skills for evaluating ethical issues, the application to real-life dilemmas seems fairly straightforward. However, there is one additional aspect...
-
To begin with, lets disregard the COVID-19 pandemic and its aftermath on the global economy. Prior to the pandemic, the majority of global economic disruptions over the past decades have been caused...
-
Beth Johnson takes out a 30-year, $575,000 mortgage at 2.99%. Mortgage payments are due at the end of each month, starting with the first month. What is the amount of each mortgage payment? What is...
-
What are some of the difficulties in trying to correlate customers, vendors, or employees with known problem people?
-
In a textile manufacturing plant, the waste dyeing water (c p = 4295 J/kg·K) at 75°C is to be used to preheat fresh water (c p = 4180 J/kg·K) at 15°C at the same flow rate in a...
-
A hydraulic press has a plunger diameter 20 mm and the ram diameter 160 mm. The stroke of the plunger is 200 mm, and the weight lifted by the press is 10 kN. The distance travelled by the weight is...
-
Given the size of this organization and the number of projects they deal with, would it make sense to institute a Project Management Office? Is there another arrangement that might be a good...
-
Bunker makes two types of briefcases, fabric and leather. The company is currently using a traditional costing system with labor hours as the cost driver but is considering switching to an...
-
From the graph you drew to answer Exercise 11.6, would you say this transit system is a natural monopoly? Justify. Use the following information to answer the next three questions. In the years...
-
Would you expect the kinked demand curve to be more extreme (like a right angle) or less extreme (like a normal demand curve) if each firm in the cartel produces a near-identical product like OPEC...
-
The income statement and comparative balance sheet for Front Row Entertainment are shown below: Front Row Entertainment Inc. Income Statement For the year ended December 31, 2020 Revenues: Sales...
-
log b 19 = 4 Change each logarithmic expression to an equivalent expression involving an exponent.
-
Determine whether the probabilities below are computed using the classical method, empirical method, or subjective method. (a) The probability of having six girls in a six-child family is 0.015625....
-
c 3 = 21 Change each exponential expression to an equivalent expression involving a logarithm.
-
The acidity or alkalinity of a solution is measured using pH. A pH less than 7 is acidic; a pH greater than 7 is alkaline. The accompanying data represent the pH in samples of bottled water and tap...
-
(a) Roll a single die 50 times, recording the result of each roll of the die. Use the results to approximate the probability of rolling a three. (b) Roll a single die 100 times, recording the result...
-
Innerkip Ltd. (Innerkip) uses the percent age-of-credit-sales method of estimating the bad debt expense. Since 2014, Innerkip has used too low a percentage in calculating the bad debt expense each...
-
Baxter, Inc., owns 90 percent of Wisconsin, Inc., and 20 percent of Cleveland Company. Wisconsin, in turn, holds 60 percent of Clevelands outstanding stock. No excess amortization resulted from these...
-
Identify whether each of the following accounts would be listed in the companys Post-Closing Trial Balance. A. Accounts Payable B. Advertising Expense C. Dividends D. Fees Earned Revenue E. Prepaid...
-
Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would result, after all closing journal entries were made and posted: Adjusted Trial Balance Cash Prepaid...
-
What are the four entries required for closing, assuming that the Income Summary account is used?
-
During 2025, Bass Corporation constructed assets costing $4000000. The weighted-average accumulated expenditures on these assets during 2025 was $2400000. To help pay for construction, $1760000 was...
-
Chadwick Enterprises, Incorporated, operates several restaurants throughout the Midwest. Three of its restaurants located in the center of a large urban area have experienced declining profits due to...
-
The Cola Production Company showed the following share activity for the year ended 2018 Date January 1st April 1st July 1st Share Activity Beginning Share Balance was 252,000 Issued 84,000 shares for...
Study smarter with the SolutionInn App