Problem
In the past, the members of OPEC have been able to raise the relative price of petroleum by a large amount with a relatively small decrease in export volume, thereby increasing substantially the revenues they received from the buyers of their petroleum exports. Describe the likely shapes of the offer curves of the importing countries-shapes that enabled the OPEC countries to pursue their trade strategy successfully.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.