Part of the Rapid Increase in Oil Prices Was Due

question 49

Multiple Choice

Part of the rapid increase in oil prices was due to:

• A) declining demand in OECD countries.
• B) falling supplies from OPEC countries.
• C) lower inflation expectations in the United States.
• D) the financial meltdown.
• E) increasing demand in China.

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Definitions:

Total Revenues

The overall income received by a business from its operational activities, usually from sales of goods or services.

Price Elastic

Refers to the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.

Demand Schedules

A table that shows the quantity of a good or service that consumers are willing and able to purchase at various prices over a given period.

Price Elasticity

The degree to which consumer demand for a product reacts to shifts in its price, showcasing the level of consumer sensitivity to pricing alterations.