During the 1970's, OPEC exerted strong control over the oil industry. Which of the following is a result of OPEC's early success as a cartel?

a.

as new sources of oil were discovered and developed, the new suppliers quickly joined OPEC

b.

war in the Middle East no longer affect either the supply or the price of oil

c.

Both A and B,

To succeed cartels have to have complete cooperation among all members.

d.

OPEC is now much less powerful, due to the entry of new non-OPEC oil suppliers and due to cheating by OPEC members