Problem
1. Why are the less-developed nations concerned with commodity-price stabilization?
2. The average person probably never heard of the Organization of Petroleum Exporting Countries until 1973 or 1974, when oil prices skyrocketed. In fact, OPEC was founded in 1960. Why is it that OPEC did not achieve worldwide prominence until the 1970s? What factors contributed to OPEC's problems in the 1980s?
3. Why is cheating a typical problem for cartels?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.