The Organization of the Petroleum Exporting Countries [OPEC] Serves the Global

question 67

Multiple Choice

The Organization of the Petroleum Exporting Countries [OPEC] serves the global oil market.Suppose Saudi Arabia,an OPEC member country,produces 50% of the oil supplied to this market.The elasticity of market demand is 0.4 and the elasticity of supply for the other eleven OPEC countries is 1.What is the elasticity of demand for oil produced by Saudi Arabia?

• A)0.4
• B)2.4
• C)1.8
• D)3.4

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Definitions:

Average Distance

A measure used to calculate the mean distance between points in a dataset, often used in logistics and planning.

Distribution Centre

A warehouse or storage facility where goods are kept until they are distributed to retailers or customers.

Coordinates

Numerical values that identify a specific point in a space, used in geometry and geography.