When OPEC Raised the Price of Crude Oil in the 1970s

question 163

Multiple Choice

When OPEC raised the price of crude oil in the 1970s, it caused the United States'

• A)nonbinding price floor on gasoline to become binding.
• B)binding price floor on gasoline to become nonbinding.
• C)nonbinding price ceiling on gasoline to become binding.
• D)binding price ceiling on gasoline to become nonbinding.

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Definitions:

Decimal Places

Positions to the right of a decimal point in a number, indicating fractions of a whole.

Exponential Equation

An equation in which the variable appears in an exponent.

Equation

A mathematical statement that asserts the equality of two expressions, usually formulated as \(a = b\).

Exponential Equation

An equation in which the variable appears as an exponent.