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Country X is the largest producer and exporter of oil in the world.Which of the following is likely to happen if the world demand for oil increases?
Effective Immediately
A term indicating that something is to be applied or become operative from the moment it is declared.
Price Ceiling
A legal maximum price that can be charged for a good or service, intended to protect consumers from price gouging.
Equilibrium Price
The price at which the quantity of a good supplied equals the quantity demanded, resulting in market equilibrium.
Market-Determined Price
A price outcome established through the interaction of supply and demand, without external controls.
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