Use a supply-and-demand diagram to demonstrate how each of the following events affects the market for oil.
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Use a supply-and-demand diagram to demonstrate how each of the following events affects the market for oil. Be sure to show and explain what happens to the equilibrium price and quantity of oil.
a. Political unrest breaks out in the Middle East.
b. A global recession hits.
c. A bad hurricane hits states along the Gulf of Mexico.
d. Oil prices are expected to rise in the future.
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