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. Political disturbances such as wars and threats of wars often lead to increases in the price of oil. 2. You will often hear people
. Political disturbances such as wars and threats of wars often lead to increases in the price of oil.
2. You will often hear people say that the U.S. government should not let the price rise.
From an macroeconomic point of view, evaluate the two statements above. How would a command vs price system economy handle these statements differently? How does the concept of scarcity play into it? How do the concepts of supply and demand affect things?
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