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3. Effects of restricted supply The following graph represents the world market for oil. The Organization of Petroleum Exporting Countries (OPEC) produces a large portion of the world's oil. Suppose OPEC representatives get together and agree to limit the global production of oil. Adjust one or both curves to show the effect of the OPEC agreement. E m .n |_ U n. E E E Q. UJ E I I]. -----+ QUANTITY (Millions of barrels per year)