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Discuss a petrol-gas market and car market

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Assignment:

Consider a Petrol/Gas Market and Car Market, both are in equilibrium. Petrol/Gas supplies are sharply reduced because of OPEC decision. How does the OPEC decision affect Petrol/Gas and Car Market. Assume there is no Petrol/Gas substitute. How would you illustrate these changes in the petrol/gas market and in the car market in supply-and-demand terms?

Reference no: EM133364101

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