Raised the world price of oil

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Reference no: EM13859893

OPEC successfully raised the world price of oil in the 1970s and early 1980s, primarily due to:

a. an inelastic demand for oil and a reduction in the amount of oil supplied.

b. a reduction in the amount of oil supplied and a world-wide oil embargo.

c. a world-wide oil embargo and an elastic demand for oil.

d. a reduction in the amount of oil supplied and an elastic demand for oil.

Reference no: EM13859893

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