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Explain how each of the events described

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Question: Explain how each of the events described above affected the world market for oil, as summarized by Exhibits 1 and 2. Specifically, use a supply and demand diagram to explain: (a) Why the price of oil rose sharply in 1973, 1979, and 1990.
(b) Why the price fell between 1980 and 1982, and again between 1982 and 1985.
the case is The Petroleum Market: 1970-2001

Reference no: EM133426116

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