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An attack on Saudi Arabia’s oil facilities results in a decrease in Saudi Arabia’s exports to...

An attack on Saudi Arabia’s oil facilities results in a decrease in Saudi Arabia’s exports to the world oil market. What impact does this event have on the world price of oil? What impact will this change in the world price of oil have on the price of iPhones imported from China to the United States? Use the supply and demand model to explain your answers in each market.

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Rahul Sunny answered 1 year ago
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