Why might the cartel model still make sense even when opec produces less than half of the world’s oil?

The cartel model would still make sense even when OPEC produces less than half of the world’s oil because the prices of oil would still be determined by the OPEC countries.

Explanation:

a progressive tax is a tax that imposes a lower tax rate on low-income earners compared to those with a higher income, making it based on the taxpayer's ability to pay. that means it takes a bigger percentage from high income earners than it does from low income people.

a) both were commissioned explorers