Why Was OPEC Successful in Raising the World Price of Oil

question 222

Multiple Choice

Why was OPEC successful in raising the world price of oil in the 1970s and early 1980s

• A)There was an inelastic demand for oil and a reduction in the amount of oil supplied.
• B)There was a reduction in the amount of oil supplied and a worldwide oil embargo.
• C)There was a worldwide oil embargo and an elastic demand for oil.
• D)There was a reduction in the amount of oil supplied and an elastic demand for oil.

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Definitions:

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Medications used to treat depression and other mood disorders by balancing chemicals in the brain.

Side Effects

Unintended reactions or consequences, usually negative, resulting from a treatment or action that are not the primary outcomes.

Behavior Therapies

A group of therapeutic techniques based on the principles of behavioral psychology, aiming to modify maladaptive behaviors.

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