5. OPEC successfully raised the world price of oil in the 1970s and early 1980s,

Question

5. 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. 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.

Explanation / Answer

C)

During those decadest here was world wide oil embargo, So Opec was able to raise prices.

Elastic demand for oil also contributed to rise, as economies across west boomed oil demand increased which resulted in price rise.

Related Questions

Navigate

• Browse (All)
• Browse 5
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.