In 2004, OPEC reduced the quantity of oil it was willing to supply to world markets. Explain

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In 2004, OPEC reduced the quantity of oil it was willing to supply to world markets. Explain why the resulting price increase was much larger in the short run than in the long run.

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Managerial Economics

ISBN: 978-0324588866

12th edition

Authors: Mark Hirschey

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Question Posted: Feb 13, 2015 09:53 AM

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In 2004, OPEC reduced the quantity of oil it was willing to supply to world markets. Explain

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The supply and demand for oil are relatively inelastic in the short run but fairly e...View the full answer

Managerial Economics

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