4. The oil cartel The Organization of Petroleum Exporting Countries (OPEC) is a group of 12 member countries that formed a cartel to sell petroleum on the world market. They support prices higher than would exist under more competitive conditions to maximize member-nation prots and restrict competition among themselves \ ia production quotas. Suppose that OPEC does not exist and that the 12 oilproducing nations compete in the world market, which is perfec'd'rlr competitive. On the following graph, use the black point (plus symbol) to indicate the industry's free market protmaximizing output. Note: Dashed drop lines will automaticallyr extend to both axes. ('3 mo --I- no . MC Free Market an PRICE (Dollars) 3 Demand 10 n 1cm2moaonoaonosouoaouoromeomoomroaoo DIL {Barrels per day) Next. suppose that the oil suppliers form a cartel. 4. The oil cartel The Organization of Petroleum Exporting Countries (OPEC) is a group of 12 member countries that formed a cartel to sell petroleum on the world market. They support prices higher than would exist under more competitive conditions to maximize member-nation prots and restrict competition among themselves \ ia production quotas. Suppose that OPEC does not exist and that the 12 oilproducing nations compete in the world market, which is perfec'd'rlr competitive. On the following graph, use the black point (plus symbol) to indicate the industry's free market protmaximizing output. Note: Dashed drop lines will automaticallyr extend to both axes. ('3 mo --I- no . MC Free Market an PRICE (Dollars) 3 Demand 10 n 1cm2moaonoaonosouoaouoromeomoomroaoo DIL {Barrels per day) Next. suppose that the oil suppliers form a cartel