OPEC successfully raised the world price of oil in the 1970s and early 1980s, primarily due to
a. an inelastic demand for oil and a reduction in the amount of oil supplied.
b. a reduction in the amount of oil supplied and a world-wide oil embargo.
c. a world-wide oil embargo and an elastic demand for oil.
d. a reduction in the amount of oil supplied and an elastic demand for oil.
a
Economics
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A price floor makes prices
A) below the price floor illegal. B) above the price floor illegal. C) below the equilibrium price illegal. D) above the equilibrium price illegal. E) None of the above answers is correct.
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If the United States imposes a tariff on $1 per imported shirt, the tariff will
A) raise the price of a shirt to U.S. consumers. B) benefit U.S. shirt producers. C) decrease imports of shirts into the United States. D) all of the above
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