OPEC deadlocked on oil production hike Oil prices exceeded the $100-a-barrel Wednesday after OPEC said it could
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OPEC deadlocked on oil production hike
Oil prices exceeded the $100-a-barrel Wednesday after OPEC said it could not reach an agreement about increasing crude oil production.
Consider the market for oil. Draw a demand curve and a supply curve consistent with the information that the price exceeded $100 a barrel. Label both curve.
Draw a point at the equilibrium price and equilibrium quantity. Label it 1
Now suppose that OPEC members agree to increase productio
Draw a curve to show the effect of this agreement in the market for oil. Label it.
Draw a point at the new equilibrium price and new equilibrium quantity Label it 2
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