For the economy of Ontario,which is a major oil user and importer,an increase in the world price of oil would be considered

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An increase in the world price of oil would be considered a negative supply shock for the economy of Ontario since it would result in higher production costs for businesses and increased prices for consumers. As a major oil importer, the province would need to pay more for each unit of oil, resulting in a decrease in the overall supply of goods and services, which would ultimately lead to a decrease in economic output.

For the Economy of Ontario,which Is a Major Oil User