Multiple Choice
Why was OPEC successful in raising the world price of oil in the 1970s and early 1980s
A) There was an inelastic demand for oil and a reduction in the amount of oil supplied.
B) There was a reduction in the amount of oil supplied and a worldwide oil embargo.
C) There was a worldwide oil embargo and an elastic demand for oil.
D) There was a reduction in the amount of oil supplied and an elastic demand for oil.
Correct Answer:
Verified
Correct Answer:
Verified
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