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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