How might it achieve this new target? what problems might, Ask an Expert

Economics

We have seen that OPEC has tried to restrict the total supply of crude oil from its member countries to keep the world price at a ‘reasonable' level. Suppose it now aims for a higher world price per barrel.

(a) How might it achieve this new target?

(b) What problems might OPEC encounter in trying to achieve this higher oil price?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M971162

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