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Oil is shipped from Alaska to California and Florida. It is also shipped from the Persian Gulf to Florida and to Europe, and from the North Sea to Europe. Assume that the world market and the individual markets for oil are competitive and that a terrorism attach damages some oil fields in the Persian Gulf. Explain how this event will affect (Hint: Think about what it means for all the markets to be competitive).

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9477232

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