Home » Economics » The term ‘oil shock’ is used to describe a situation in whichThe term ‘oil shock’ is used to describe a situation in which The term ‘oil shock’ is used to describe a situation in which A. the demand for oil exceeds its supply B. oil prices have fallen drastically C. the demand for oil is equal to ite supply D. the supply of oil exceeds its demand Correct Answer: Option B Explanation Related Posts The capital market provides business firms with the avenue to If the price of a commodity with elastic demand increases, the revenue accruing to the… The demand for factors of production is an example of? Government intervention in an economy is often justified on the group that? which of the following is a function of the retailer? The quantity theory of money states that a reduction in the quantity of money in…
