This is an economic question, After
several years of slow economic growth, world demand for petroleum
began to rise rapidly in the 1990s. Much of the increase in demand
was met by additional supplies from sources outside the
Organization of Petroleum Exporting Countries (OPEC). OPEC, during
this time, was unable to restrain output among members in its
effort to lift oil prices. What best describes these
events?

Never use plagiarized sources. Get Your Original Essay on
Question: This is an economic question, After several years of slow economic growth, world demand for petro…
Hire Professionals Just from $11/Page
Order Now Click here

A.     The
rise in demand shifted the demand for oil to the right. OPEC
actions shifted the demand for oil back to the left.

B.     The
rise in demand shifted the demand for oil to the right. As price
rose, the supply of oil also rose.

C.     The
rise in demand shifted the demand for oil to the right. As price
rose, the quantity of oil supplied rose.

D.     The
rise in demand reflects a movement down along the demand curve as
supply shifted to the right when suppliers produced more
oil.

Open chat
Lets chat on via WhatsApp
Hello, Welcome to our WhatsApp support. Reply to this message to start a chat.