Answer to Question #133570 in Microeconomics for K C

Question

Why was OPEC successful in raising the world price of oil in the 1970s and 1980s?

1) there was an elastic demand for oil and an increase in the amount of oil supplied?

2) there was an elastic demand for oil and a reduction in the oil supplied

3)There was a worldwide oil embargo and an elastic demand for oil

4)There was an inelastic demand for oil and a reduction in the amount of oil supplied.

Answer 1

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