2. Explain how the changing world market conditions have resulted in the increase in crude oil prices
3. Following the gulf war, sanctions by the united nations have meant that iraq can only sell a limited amount of it’s crude oil
3.1 explain how a substantial increase in iraq oil production mighr effect the world market price
3.2using a production possibility curve , explain the likely consequences of using more resources to increase oil production in iraq
4. define price elasticity of demand
use the data in the table 1 to calculate the price elasticity of demand for petrol as the price rises from 75p to 80p per litre
uk oil refineries are owned by oligopolistic firms such as esso bp , texaco and shell which are able to benefit from economies of scale
5.1state tow characteristics of an oligopoly
5.2 explain what is meat by the term economies of scale
5.3 state and explain two possible ways in which oil refineries might benefit from economies of scale the book name business essentials.
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