Falling Oil Prices Meant That Consumers in Libya Could Afford

Multiple Choice

Falling oil prices meant that consumers in Libya could afford fewer imported goods. The Libyan government imposed controls to limit imports of cigarettes. At one point, the market price of a carton of cigarettes rose to $70. Which graph in Figure 4-22 best depicts this situation?

A) 1
B) 2
C) 3
D) 4