When oil was deregulated in the late 1970s,the number of wells pumping oil more than doubled.This reflects a/an

Question

Quizplus · Accepted Answer

Deregulation allowed for more oil producers to enter the market and increase their production, resulting in an overall increase in the supply of oil. The doubling of the number of wells pumping oil indicates an increase in supply, but not necessarily an increase in the quantity supplied (which would require knowing the specific production levels of each well). Therefore, B is the best choice. C, D, and E are incorrect as they do not reflect the increase in supply resulting from deregulation.

When Oil Was Deregulated in the Late 1970s,the Number of Wells