I need handwritten only with explanation Which of the following does not have an immediate effect on the price of oil ? Group of answer choices Political tensions in the Middle East. Discovery of the new deposits of oil. Increase in efficiency in the automotive industry
I need handwritten only with explanation
Which of the following does not have an immediate effect on the
Group of answer choices
Political tensions in the Middle East.
Discovery of the new deposits of oil.
Increase in efficiency in the automotive industry
Price, the sum of money required to purchase a specific good. Price is also a measure of value insofar as it reflects what consumers are willing to pay for a product's value. In a market system, resource distribution efficiency is greatly influenced by product prices. Price serves as a warning sign for shortages and surpluses, enabling businesses and customers to adjust to shifting market conditions. Price will typically increase if a product is in short supply.
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