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accumulated appropri arguments attempts to stabilize bauxite market beneﬁts buffer stock cartel coffee agreement collapse commodity agree commodity markets commodity price consumption costs crease supply decrease demand and supply depend developed coun difﬁcult discount dollar domestic oil prices downswing economic efﬁcient elastic equilibrium level estimate excess capacity export fact favor ﬁnancial ﬁnd ﬁrst Government greatly increased high prices hold importing countries impose increase in price increase revenue inelastic international commodity agreements ities Jamaica joined the ICA levies long long-run maintain prices mand member countries ments million tons mitigate the scarcity modity agreement national nonmember countries OPEC oil operation Organization output penalties policy port practical predictability price of oil price rises principal problem producer countries producers and consumers provide quotas reducing reference price sales short run strong incentive subsidizes substitutes suppliers support temporary tin market tion tional transfer income trend tries triple United States joined volatility