Refer to Figure 4.4. At the world price of ________ per barrel of oil, the United States imports 6 million barrels of oil per day.

A) $100
B) $125
C) $150
D) >$150

Question

Refer to Figure 4.4. At the world price of ________ per barrel of oil, the United States imports 6 million barrels of oil per day.A)  $100B)  $125C)  $150D)  >$150

Jessica Miranda Elizondo · Accepted Answer

Final Answer : B, Explanation :  At the world price of $125 per barrel of oil, the United States would import 6 million barrels of oil per day because this price level is where the quantity demanded by the U.S. exceeds the quantity supplied domestically by 6 million barrels, necessitating imports to meet the demand.

Refer to Figure 4.4. At the world price of ________ per barrel of oil, the United States imports 6 million barrels of oil per day.

A) $100
B) $125
C) $150
D) >$150

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