O-LevelEconomicsThe allocation of resources2281/12 · Oct/Nov 2017 · Q71 Mark

It was reported that the supply of oil would be affected by the discovery of new oil fields and demand would be affected by rapid global economic growth. If point X is the initial equilibrium point, which point could represent the new equilibrium? [Figure 7.1]

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✓ Correct answer

C: C

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Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, Oct/Nov 2017 Paper 1 Variant 2, question 7.

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