A news story from 2017 about the oil market stated, "crude oil prices fell ... in...
A news story from 2017 about the oil market stated, "crude oil prices fell ... in part [due to] renewed concerns about the global supply glut."
Source: Paul Ebeling, "Crude Oil Prices Falling, Traders Worry About Global Supply Glut," livetradingnews.com, March 27, 2017.
a. In referring to a "global glut," the article describes the result of a significant
A.
increase in demand for, and the supply of, crude oil.
B.
increase in demand for, relative to the supply of, crude oil.
C.
decrease in supply of, relative to the demand for, crude oil.
D.
increase in supply of, relative to the demand for, crude oil.
This change resulted in a
A.
a surplus of oil such that there is a greater quantity supplied than quantity demanded for crude oil.
B.
a surplus of oil such that there is a greater quantity demanded than quantity supplied of crude oil.
C.
a shortage of oil such that there is a greater quantity supplied than quantity demanded for crude oil.
D.
a shortage of oil such that there is a greater quantity demanded than quantity supplied of crude oil.
b. In response to the global glut of oil, the market price will
A.
fall to a new, lower equilibrium price at which the quantity demanded would be lower than the quantity supplied.
B.
rise to a new, higher equilibrium price at which the quantity demanded would be greater than the quantity supplied.
C.
fall to a new, lower equilibrium price at which the quantity demanded would equal the quantity supplied.
D.
rise to a new, higher equilibrium price at which the quantity demanded would equal the quantity supplied.
c.
The
glut will start to shrink when crude oil producers
A.
increase the amount that they offer for sale, and buyers increase the amount they buy.
B.
reduce the amount that they offer for sale, and buyers increase the amount they buy.
C.
reduce the amount that they offer for sale, and buyers decrease the amount they buy.
D.
increase the amount that they offer for sale, and buyers decrease the amount they buy.
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