In 2011, revolutions and uprisings spread across North Africa and the Middle East, where a lot of oil is pumped. How did this affect the oil market?
A) the supply curve for oil shifted to the left
B) the minimum price producers were willing to sell oil for decreased
C) the quantity of oil firms were willing and able to produce increased
D) the supply curve for oil shifted to the right

Question

Quizplus · Accepted Answer

The revolutions and uprisings caused instability and disruptions in the oil-producing countries in North Africa and the Middle East, resulting in a decrease in the supply of oil. This shift in supply caused the supply curve for oil to shift to the left.

In 2011, Revolutions and Uprisings Spread Across North Africa and the Middle