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QUESTION 7 In recent years, the price of oil has fallen drastically. Explain if this is a result of: a. A drastic reduction in the

QUESTION 7

In recent years, the price of oil has fallen drastically. Explain if this is a result of:

a. A drastic reduction in the cost of production (i.e. shift in the supply curve)?

b. A fall in the demand for oil and oil products ( i.e. shift in the demand curve?

c. Other factors?

(Hint: Search through the material on oil pricing in the global market)

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