Demand and Supply for the World Oil Market
Oil market (its demand, supply, equilibrium price, and equilibrium quantity). Answers: CIRCLE ALL THAT APPLY: In each question, you will have either 3 or 4 correct answers)
b. The winter is exceptionally cold, and a major discovery of oil has been made off the coast in Norway.
D will increase D will decrease S will increase S will decrease P will increase P will decrease P will be indeterminate Q will increase Q will decrease Q will be indeterminate c. Everyday consumption in big countries, like China, has slowed down, and a war in the Middle East (a region that produces a high share of world oil) disrupts oil-pumping schedules.
D will increase D will decrease S will increase S will decrease P will increase P will decrease P will be indeterminate Q will increase Q will decrease Q will be indeterminate