Refer to the information provided in Figure 19.5 below to answer the questions that follow.
Figure 19.5
-Refer to Figure 19.5.The domestic price of oil is $130 per barrel.This country imports 14 million barrels if the world price of oil is

Question

Refer to the information provided in Figure 19.5 below to answer the questions that follow.
  Figure 19.5
-Refer to Figure 19.5.The domestic price of oil is $130 per barrel.This country imports 14 million barrels if the world price of oil is

Quizplus · Accepted Answer

If the domestic price is $130 per barrel and the world price is $120, the country would import oil because it is cheaper to buy from the world market than to produce domestically.

Refer to the Information Provided in Figure 19