Author Question: Suppose the supply of non-OPEC oil increases due to new petroleum discoveries in other countries. ... (Read 50 times)

Kthamas · **on:** Jul 1, 2018

Suppose the supply of non-OPEC oil increases due to new petroleum discoveries in other countries. What happens OPEC's share of the world oil market?

A) Increases
B) Decreases
C) Remains the same
D) We do not have enough information to answer this question.

Question 2

Refer to Figure 9.9. Now suppose an import quota of 3000 trucks is imposed. The quota will make total consumer surplus equal to

A) 25,000.
B) 13,125,000.
C) 40,000,000.
D) 62,500,000.
E) 75,625,000.