Show the impact of each of the following events on the oil market. a. OPEC becomes more
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a. OPEC becomes more effective in limiting the supply of oil.
b. OPEC becomes less effective in limiting the supply of oil.
c. The price for natural gas (a substitute for heating oil) rises.
d. New oil discoveries occur in Alaska.
e. Electric and hybrid cars become subsidized and their prices fall.
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a The supply of oil decreases reducing the quantity exchange...View the full answer
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