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Economics · Oct / Nov 2017 · Paper 12 · Question 7

2281Price changes

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?

  1. AA
  2. BB
  3. CC
  4. DD

As printed in the paper

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Correct answer: C. C

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