Business, 11.02.2020 20:44 Clover1072

In the U. S. market for oil, the price of West Texas Intermediate (WTI) crude oil can be considered the equilibrium price of crude oil in the United States. The price of WTI will average $42.83 in 2016, while the price in 2017 will average $ (the article considers 2017 to be "next year"). Give your answer to two decimals. The article mentions that U. S. oil production is 8.6 million barrels a day in 2016 (2016 is considered to be "this year" in the article) and will change to million barrels a day in 2017. Give your answer to two decimals. Assume that these prices and quantities represent the equilibrium outcomes of the U. S. oil market when the demand curve and the supply curve in this industry intersect. Given the change from 2016 to 2017 in the price of oil and the change in the quantity of oil sold, identify what caused these changes. To do this, suppose that as we move from 2016 to 2017, only one curve shifted—either the demand curve or the supply curve. Which one of the following shifts explains the changes in the equilibrium price and quantity of oil sold as we move from 2016 to 2017? Choose one: A. a leftward shift in demand B. a rightward shift in supply C. a leftward shift in supply D. a rightward shift in demand

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In the U. S. market for oil, the price of West Texas Intermediate (WTI) crude oil can be considered...

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