1. 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 termthat 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? Q4.Explain the condition that are met when a consumer has found the best affordable combination of goods to buy. (Use the terms Budget line, Marginal Rate of Substitution and Relative Price in your Explanation) Also graphically illustrate the best affordable combination