Economics class: Opec+ sticks with oil supply increase after US overture to Saudi Arabia
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Demand, supply, consumer surplus, producer surplus
Click to read the article below and then answer the questions:
Define the terms:
Using a diagram, distinguish between producer and consumer surplus
Using a demand and supply diagram, analyse the effects of Saudi Arabia’s agreement to continue increasing its monthly oil production
Using a demand and supply diagram, analyse the effects of an increase in the supply of oil on consumer surplus and producer surplus
Gavin Clarke, Emmanuel College