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?​

Answer 1

Answer:

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?