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Oil prices are not set by anyone in particular. Oil is traded on a wholesale market in big batches. People who wish to buy oil place bids on oil and are basically competing against one another by outbidding each other. Sellers try to beat their competition by selling for less. From that process, the world price emerges, and it changes every minute.
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∙ 15y ago
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How would local and world economiesmarkets be affected by the change in oil supply and prices?
if oil prices go up, then so does everything else
What was the purpose of OPEC?
To stabilize oil prices,eliminate uneccesary competition among oil nations and be able to bargain for good prices on the world market
Who sets prices in a capitalist system?
The companies
What effects did tax credits for expenditures on home insulation have on world oil prices?
In reality nothing will happend to the world`s oil prices, but I assume this is some kind of Macroeconomics question, so, the demand for oil will go up, so a shift on your demand PPF curve to the right.
Why would a shortage of OPEC oil at current market prices increase oil prices?
Because world wide demand would still continue and demand or even the percieved demand is what controls the market.
How would local and world economiesmarkets be affected by the change in oil supply and prices?
if oil prices go up, then so does everything else
What was the purpose of OPEC?
To stabilize oil prices,eliminate uneccesary competition among oil nations and be able to bargain for good prices on the world market
How did rising oil prices affect nations around the world?
It made buying oil more difficult
What sets and prices are there for shun classic knives?
Compare prices at kitchen accessory outlet retailers. Prices may vary, and sets usually come in sets of six or eight. Compare prices for efficient results to make a decision on which would be best to purchase.
Benefits of OPEC?
The OPEC is a body that links the major oil producing countries and provides a framework of how they will do the production and marketing. It gives them collective bargaining to get the best prices.
What is the oil pressure for the dg sets?
The oil pressure for the DG sets depends with the load.
Who sets prices in a capitalist system?
The companies
What is the chief mandate of OPEC?
attempt to set world oil prices by controlling its production
Why is it risky to depend on selling oil to the world?
Because prices can fluctuate rapidly with such commodities.
Who sets the price of goods in Australia?
the governor-general sets prices?
What effects did tax credits for expenditures on home insulation have on world oil prices?
In reality nothing will happend to the world`s oil prices, but I assume this is some kind of Macroeconomics question, so, the demand for oil will go up, so a shift on your demand PPF curve to the right.
Why did the oil exporting countries form OPEC and what effects did the subsequent rise in oil prices in the 1970s have on the Third World?
the oil exporting countries of the middle east formed OPEC in 1960 because of the Suez crisis and the oil prices rose as production decreased
