Answer to Question #86799 in Microeconomics for Samer Alfahad

Question

. Use the supply-and-demand model to predict the likely consequence of the recent ban the US has placed on the importation of oil from Venezuela on the equilibrium price and quantity of oil in the US. Explain verbally and illustrate graphically. Be clear whether there is a change in supply or a change in demand. Use either hypothetical numbers on your graph or the labels P1, P2, Q1, and Q2

Answer 1

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