Multiple Choice
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.
Correct Answer:
Verified
Correct Answer:
Verified
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