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Answer to Question #117258 in Microeconomics for Sidra

Question #117258
Terrorists destroy a major oil pipeline in Iraq (market for oil) What will be the effect on demand and supply equilibrium
1
Expert's answer
2020-05-20T09:51:07-0400

A decrease in supply will cause an increase in the equilibrium price and a decrease in the equilibrium quantity of a good. The decrease in supply creates an excess demand at the initial price and excess demand causes the price to rise and quantity demanded to decrease.


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