In 2004, oil facilities in Iraq were attacked and strong economies in the United States and China
Question:
a. Demonstrate graphically how these events led to increases in oil prices in June 2004. What was the effect on the equilibrium quantity of oil bought and sold?
b. As a result of political pressure, OPEC agreed to increase the daily quota by 2 million barrels a day. What was the likely effect on equilibrium oil price and quantity? Demonstrate your answer graphically.
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a Both the shift in demand to the right and the shift of supply to th...View the full answer
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