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The OPEC countries produce about 40% of the world's crude oil. Suppose that OPEC cuts its...

The OPEC countries produce about 40% of the world's crude oil. Suppose that OPEC cuts its crude oil production by 8%. Assume that no other nation changes its oil production during the time frame being considered and that the price elasticity of demand for crude oil over that period is −0.08. You predict that the price of oil will
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