Write a short 200 word essay to answer the following questions using a adequate diagrams/documentation as necessary:
1. Monopolies and cartels are usually associated with economic inefficiencies and dead weight losses. With a common-pool resource, on the other hand, asset values are non-existent and resources are depleted more quickly than would be optimal (suggesting very high implicit discount rates). How might the output quotas of an international cartel, like OPEC, affect resource conservation and the speed of depletion?