10. Which of the following statements about OPEC and the oil market during the 1970s and 1980s is (are)correct?(x) Over the long run consumers responded to higher gasoline prices with greater conservation of gasolineand as a result the demand for OPEC products became less elastic.(y) OPEC successfully raised the world price of oil in the 1970s and early 1980s primarily due to an inelasticdemand for oil and a reduction in the amount of oil supplied.(z) OPEC could not successfully keep the price of oil high over the long run, because producers of oiloutside of OPEC responded to the high price by increasing oil exploration and extraction capacity.A. (x), (y) and (z)B.(x) and (y) only(x) and (z) onlyD(y) and (z) onlyЕ.(y) only

OPEC stands for Organisation of Petroleum Exporting Countries . It is the exmaple of biggest cartel…

10. Which of the following statements about OPEC and the oil market during the 1970s and 1980s is (are) correct? (x) Over the long run consumers responded to higher gasoline prices with greater conservation of gasoline and as a result the demand for OPEC products became less elastic. (y) OPEC successfully raised the world price of oil in the 197Os and early 1980s primarily due to an inelastic demand for oil and a reduction in the amount of oil supplied. (z) OPEC could not successfully keep the price of oil high over the long run, because producers of oil outside of OPEC responded to the high price by increasing oil exploration and extraction capacity. А. (x), (y) and (z) В. (x) and (y) only С. (x) and (z) only D. (y) and (z) only E. (y) only

10. Which of the following statements about OPEC and the oil market during the 1970s and 1980s is (are) correct? (x) Over the long run consumers responded to higher gasoline prices with greater conservation of gasoline and as a result the demand for OPEC products became less elastic. (y) OPEC successfully raised the world price of oil in the 197Os and early 1980s primarily due to an inelastic demand for oil and a reduction in the amount of oil supplied. (z) OPEC could not successfully keep the price of oil high over the long run, because producers of oil outside of OPEC responded to the high price by increasing oil exploration and extraction capacity. А. (x), (y) and (z) В. (x) and (y) only С. (x) and (z) only D. (y) and (z) only E. (y) only

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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