In the second half of 2008, as the equilibrium price and quantity of oil both decreased, OPEC succeeded in reducing oil production by its members, but could not prevent the dramatic drop in price....

In the second half of 2008, as the equilibrium price

and quantity of oil both decreased, OPEC succeeded

in reducing oil production by its members, but could

not prevent the dramatic drop in price. Illustrate

both the original equilibrium (before the price drop)

and the final equilibrium (after the price drop) on a

supply and demand diagram.