opeC deadlocked on oil production hike Oil prices exceeded the $100­a­barrel mark Wednesday after OPEC said it could not reach an agreement about raising crude production.

Source: CNN Money, June 8, 2011 Suppose that OPEC members had agreed to increase production. Use a graph of the oil market to show the effect of this decision on the market equilibrium.

Use the following information to work Problems 7 and 8.

rain delays to U.s. planting lift corn and soybean prices Heavy rain has delayed the planting of corn and soybean and soggy conditions have slowed the winter wheat harvest.

Source: Financial Times, June 25, 2015