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Essay text:
If OPEC and other oil exporters did not compete, they could ensure much higher prices for prices for everyone.
Output quotas of its members produced staggering price increases (from $1.10 to $11.50 per barrel in the early 1970's, and up to $34.00
in the late 1970's: an increase of 3400% in ten years).
The relative success of OPEC can be attributed to the following advantages it has enjoyed relative to other cartels:
1. The low price elasticity of oil demand implies that moderate output restrictions increases price in short run - a favorable environment for a cartel. In 1973 OPEC output
contributed two-thirds of the total world oil production...
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