Economic inefficiencies and dead weight losses

Reference no: EM13243033

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?

Reference no: EM13243033

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