Write down a short 200 word essay to answer the following questions using an adequate diagrams/documentation as necessary:
Cartels and monopolies are usually associated with the economic inefficiencies and dead weight losses. With a common-pool resource, on the other hand, asset values are non-existent and resources are depleted more quickly than would be optimal (suggesting very high implicit discount rates). Discuss how might the output quotas of an international cartel, like OPEC, affect the resource conservation and the speed of depletion?