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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.

Teaching and learning

This item is suitable for undergraduate, postgraduate and executive education courses.

Time period

The events covered by this case took place in 2006-2020.

Geographical setting

Region:
World/global

About

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.

Teaching and learning

This item is suitable for undergraduate, postgraduate and executive education courses.

Settings

Time period

The events covered by this case took place in 2006-2020.

Geographical setting

Region:
World/global

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