Consider the global market of oil, which has become quite
competitive, so you can rely on the supply and demand graph . A
group of oil producing countries (OPEC) would like to impose a
price floor, to prevent the price from reaching a low equilibrium
level. Show graphically the effect of a successful price floor on
oil buyers, sellers, and society at large.
In recent years, the number of new oil producers has risen
considerably (one reason among many is...