In the early 1970s,OPEC's goal was to
A)decrease the world-wide price of oil so that the quantity demanded increased,thus raising total revenues for OPEC members.
B)increase the world-wide price of oil by reducing the quantity of oil supplied.
C)increase the world-wide price of oil by increasing the quantity of oil supplied,thus raising total revenues for OPEC members.
D)decrease the world-wide price of oil so that quantity demanded increased.

Question

Quizplus · Accepted Answer

OPEC's goal in the early 1970s was to increase the world-wide price of oil by reducing the quantity of oil supplied. This was done through an embargo on countries that supported Israel in the Yom Kippur War. By reducing the supply, OPEC was able to increase the price of oil and therefore increase their total revenues.

In the Early 1970s,OPEC's Goal Was to