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Q: After several years of slow economic growth, world demand for petroleum began to rise rapidly in the 1990s. Much of the increase in demand was met by additional supplies from sources outside the
Organization of Petroleum Exporting Countries (OPEC). OPEC, during this time, was unable to restrain output among members in its effort to lift oil prices. What best describes these events?
A: The rise in demand reflects a movement down along the demand curve as supply shifted to the right when suppliers produced more oil.
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User: After several years of slow economic growth, world demand for petroleum began to rise rapidly in the 1990s. Much of the increase in demand was met by additional supplies from sources outside the Organization of Petroleum Exporting Countries (OPEC). OPEC, during this time, was unable to restrain output among members in its effort to lift oil prices. What best describes these events?

Weegy: The rise in demand reflects a movement down along the demand curve as supply shifted to the right when suppliers produced more oil.
samn|Points 3270|

User: Price elasticity of demand is the:

Weegy: Elastic - When a change in price results in an even bigger change in quantity demanded. e.g. Cars Inelastic - When a change in price results in an even smaller change in quantity demanded, e.g. cigarettes, alcohol, etc. Source(s): Economics student
swaggirl2|Points 31|

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Asked 2/7/2013 8:44:13 AM
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