$\backslash$table$[[4,000,7,000],[3,000,8,000],[2,000,9,000],[1,000,10,000]]$

If there were many suppliers of diamonds, the price would be $$ per diamond and the quantity sold would be $$ diamonds.

If there were only one supplier of diamonds, the price would be $$ per diamond and the quantity sold would be $$ diamonds.

Suppose Russia and South Africa form a cartel.

In this case, the price would be $$ per diamond and the total quantity sold would be $$ diamonds and earn a profit of $$ evenly, South Africa would produce $$

$$ diamonds. If the countries split the market If South Africa increased its production by $1,000$ diamonds while Russia stuck to the cartel agreement, South Africa's profit would $$ to

$$

Why are cartel agreements often not successful?

One party has an incentive to cheat to make more profit.

All parties would make more money if everyone increased production.

Different firms experience different costs.