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In 2011 oil production in Libya was interrupted by political unrest. At the same time, the demand for oil by China continued to rise. a.

In 2011 oil production in Libya was interrupted by political unrest. At the same time, the demand for oil by China continued to rise.

a. Demonstrate the impact on the quantity of oil bought and sold.

b. Oil production in Libya returned to its original levels by the end of 2012. What was the likely effect on equilibrium oil price and quantity? Demonstrate your answer graphically.

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