Sat. May 28th, 2022

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  • Demand, supply, consumer surplus, producer surplus

Click to read the article below and then answer the questions:

Opec + insists on increase in oil supplies after US intervention in Saudi Arabia

  • Define the terms:

    i) Question

    ii) Provision

  • Using a diagram, distinguish between producer and consumer surplus

  • Use a supply and demand chart and analyze the impact of Saudi Arabia’s agreement to continue to increase its monthly oil production

  • Use a supply and demand diagram and analyze the effect of an increase in the supply of oil on consumer surplus and producer surplus

Gavin Clarke, Emmanuel College

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