COVID-19 lockdowns caused demand for gas to decrease and therefore oil prices plummeted. In response, Russia and Saudi Arabia cut production by 9.7M barrels per day. How did the global oil market change? O It caused a movement up along the supply curve. O Supply shifted to the right O It caused a movement down along the supply curve. O Supply shifted to the left
COVID-19 lockdowns caused demand for gas to decrease and therefore oil prices plummeted. In response, Russia and Saudi Arabia cut production by 9.7M barrels per day. How did the global oil market change? O It caused a movement up along the supply curve. O Supply shifted to the right O It caused a movement down along the supply curve. O Supply shifted to the left
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 6QR
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![COVID-19 lockdowns caused demand for gas to decrease and therefore oil prices plummeted. In response, Russia and Saudi Arabia cut production by 9.7M
barrels per day. How did the global oil market change?
It caused a movement up along the supply curve.
Supply shifted to the right
O It caused a movement down along the supply curve.
Supply shifted to the left](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3966b9a7-fe71-44cf-b953-e8752bb97164%2F3eb99347-9e39-45fc-adc1-3b135f2c99b9%2Fd5zh5fb_processed.png&w=3840&q=75)
Transcribed Image Text:COVID-19 lockdowns caused demand for gas to decrease and therefore oil prices plummeted. In response, Russia and Saudi Arabia cut production by 9.7M
barrels per day. How did the global oil market change?
It caused a movement up along the supply curve.
Supply shifted to the right
O It caused a movement down along the supply curve.
Supply shifted to the left
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