Crude Oil Market and the Law of Supply
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Code : ECC0061
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Region : Global |
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Abstract: A normal supply curve shows a definite positive relationship between the market price of a product and the quantity supplied of that product, other factors held constant. But there are many factors in the market which influence the shift in the supply curve other than movement along the supply curve. Moreover, the responsiveness of change in the quantity supplied of oil is mostly inelastic with the change in price. This case describes the factors which influence the supply of crude oil and the inelastic nature in responsiveness to price. |
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Pedagogical Objectives:
Keywords : Law of Supply; Exceptions to the Law of Supply; movement along the supply curve; shifts in the supply curve; elasticity of supply; type of crude oil market supply
Contents :
» Introduction
» Global Oil Market
» The Impact of Oil Production on Oil Price
» Indian Oil Market
» Oil Supply in India
» Relationship Between Quantity of Oil Supplied and Price
» Exhibits
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