Suppose the price of oil is falling due to a drop-off in demand after the summer driving season. Explain what a group of oil- producing nations (like OPEC), that control a significant amount of the world's oil supplies, could do in order to keep prices (and hence profits) high.
B. OPEC nations would want to decrease the supply of oil on world markets, since a decrease in supply would lead to an increase in the price of oil.

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The Answer of Suppose the price of oil is falling due to a drop-off in demand after the summer driving season. Explain what a group of oil- producing nations (like OPEC), that control a significant amount of the world's oil supplies, could do in order to keep prices (and hence profits) high.
B. OPEC nations would want to decrease the supply of oil on world markets, since a decrease in supply would lead to an increase in the price of oil.

Suppose the Price of Oil Is Falling Due to a Drop-Off