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In 2006, the supply of crude oil in the world decreased due to political uncertainties in oil-exporting countries such as Nigeria and Iraq

Marketing

In 2006, the supply of crude oil in the world decreased due to political uncertainties in oil-exporting countries such as Nigeria and Iraq. In the same time period, the world demand for crude oil increased, led by economic growth in emerging countries such as China and India.

What would happen to the equilibrium price and quantity of crude oil traded?

a. The price will rise and quantity may not change.

b. The price will rise and the quantity will fall.

c. The price will fall and quantity may not change.

d. The price will fall and quantity will rise.

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