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A CNBC new story published 14 December 2021 reports, "OPEC and non-OPEC oil producers, an influential group known as OPEC+, decided on Thursday to stick to a previously agreed upon plan of hiking output by 400,000 barrels per day in January 2022.
However the alliance said in a statement that "the meeting remains in session," meaning they can "make immediate adjustments" should the current market conditions shift.
In what was a hotly anticipated meeting, the energy alliance convened via videoconference to determine whether to stick with its plan to release more oil into the market or to restrain supply amid fears over the omicron Covid-19 variant. Other issues on the table included a U.S.-led release of strategic reserves from crude-importing nations and Iran's possible re-entry into oil markets."
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
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The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
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What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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