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As a result of the rapid growth of the Global economy since the early 2000's, world demand for oil has increased significantly. At the same time new technology has affected oil production and supply. Both events have had significant impacts on world oil prices. How would the simple supply and demand model apply to this case? Understand that oil prices have been both high and low over the last 10 years. Explain how these events have effected the global price of oil.
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.
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