Paper 3 question on market equilibrium
Instability in the Middle East has the potential to undermine global energy suppliesConflict in the Middle East has a history of pushing up oil prices. The Yom Kippur War between Israel and a coalition of Arab states in 1973 triggered an oil embargo that caused prices to nearly quadruple in a year. The oil shock sent inflation surging and contributed to a lost decade. Now, recent events in the region have prompted fears...
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