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Author Question: Suppose the supply of non-OPEC oil increases due to new petroleum discoveries in other countries. ... (Read 106 times)

Kthamas

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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.


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chinwesucks

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

D


Kthamas

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  • Posts: 546
Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

aruss1303

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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