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3. As a cartel, OPEC (Organization of Petroleum Exporting Countries) has considerable control over its output and prices. Its demand function is P = 10

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3. As a cartel, OPEC (Organization of Petroleum Exporting Countries) has considerable control over its output and prices. Its demand function is P = 10 - Q; Its marginal cost function is MC = 1 + Q. where P is the price of crude oil and Q is the quantity of crude oil OPEC sells a year. a) Draw OPEC's demand curve, supply curve and marginal revenue curve

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