Respuesta :
Buyers of gasoline paid a price of P1 before 1973; they paid a price of P2 after OPEC increased the price of crude oil in 1973, and there was a shortage of gasoline at that price.
- Groups of oil exporting nations known as OPEC and OPEC+ utilize supply quotas to ensure that their members receive the greatest long-term pricing possible.
- Both sides agree upon their supply goals, but Saudi Arabia plays a disproportionately large role as the main exporter with the biggest spare capacity.
- In the 1950s, OPEC was established to compete with American dominance of the oil markets. The Arab oil embargo of 1973–1974 solidified OPEC's position as a U.S. rival.
- Global oil markets are too big and diverse to be dominated by a single nation or group, and they are increasingly linking Asian consumers with a wide range of OPEC and non-OPEC producers.
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Full Question :Refer to Figure 1. Which of the following statements best relates the figure to the events that occurred in the United States in the 1970s?
a. Buyers of gasoline paid a price of P1 before 1973; they paid a price of P2 after OPEC increased the price of crude oil in 1973, and there was a shortage of gasoline at that price.
b. Buyers of gasoline paid a price of P1 before 1973; they paid a price of P3 after OPEC increased the price of crude oil in 1973, and there was a shortage of gasoline at that price.
c. Buyers of gasoline paid a price of P2 before 1973; they paid a price of P3 after OPEC increased the price of crude oil in 1973, with no shortage of gasoline at that price.
d. The price ceiling was binding before 1973; the price ceiling was no longer binding after OPEC increased the price of crude oil in 1973.
