The US Did All of the Following as a Result of of the OPEC

question 10

Multiple Choice

The U.S. did all of the following as a result of the OPEC crisis EXCEPT

• A) established the Strategic Petroleum Reserve.
• B) established the EPA.
• C) encouraged energy conservation.
• D) provided funding for research and development of alternative energy sources.
• E) created the CAFE standards.

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Definitions:

Profit Per Unit

The profit made from each product sold, determined by deducting the unit cost from the unit selling price.

Industry Demand

The total demand for goods and services produced by a specific industry within a market.

Firm's Demand

The amount of a particular good or service that a firm wishes to purchase at various prices, reflecting the firm's input needs for production.

Industry Price

A term generally referring to the average or standard price of goods and services within a specific industry.