Asked by
Caleb Thomas
on Dec 17, 2024
Verified
When OPEC raised the price of crude oil in the 1970s, it caused the
A) demand for gasoline to increase.
B) demand for gasoline to decrease.
C) supply of gasoline to increase.
D) supply of gasoline to decrease.
Crude Oil
A natural petroleum product that's extracted from the earth, unrefined, and used as a primary feedstock for fuel and various chemical productions.
OPEC
The Organization of the Petroleum Exporting Countries, an intergovernmental organization aimed at coordinating and unifying petroleum policies among its member countries.
- Examine the impact of governmental regulations on market dynamics, particularly in terms of price limits and minimum pricing strategies.
Verified Answer
OF
Learning Objectives
- Examine the impact of governmental regulations on market dynamics, particularly in terms of price limits and minimum pricing strategies.