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Sublight2097 Sublight2097
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8 years ago
What would be the most likely effect in the market for OPEC oil if the U.S. were to impose a legal ceiling price on crude petroleum produced domestically? Assume their price is far below the current world price?
A) The demand would decrease.
B) The demand would increase.
C) The supply would decrease.
D) The supply would increase.
E) Only the quantity would change, not the demand or the supply.
Textbook 
The Economic Way of Thinking

The Economic Way of Thinking


Edition: 13th
Authors:
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SmooothSmoooth
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8 years ago
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Sublight2097 Author
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#2
8 years ago
Seriously, you've been tremendously helpful! Thank you.
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#3
8 years ago
No problemo Happy Dummy
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