OPEC Successfully Raised the World Price of Oil in the 1970s

question 1

Multiple Choice

OPEC successfully raised the world price of oil in the 1970s and early 1980s,primarily due to

• A)an inelastic demand for oil and a reduction in the amount of oil supplied.
• B)a reduction in the amount of oil supplied and a world-wide oil embargo.
• C)a world-wide oil embargo and an elastic demand for oil.
• D)a reduction in the amount of oil supplied and an elastic demand for oil.

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Definitions:

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