During a major war between two oil producing nations, there would likely be
a. an increase in the price of oil because the supply of oil would decrease.
b. an increase in the price of oil because the supply of oil would increase.
c. a decrease in the price of oil because the supply of oil would decrease.
d. a decrease in the price of oil because the supply of oil would increase.
A
Economics
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Fill in the blank(s) with the appropriate word(s).
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The MR = MC rule applies:
A. to firms in all types of industries. B. only when the firm is a "price taker." C. only to monopolies. D. only to purely competitive firms.
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