As a result of the rapid growth of the chinese economy, Business Economics

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As a result of the rapid growth of the chinese economy

As a result of the rapid growth of the Chinese economy, world demand for petroleum products has increased significantly. At the same time the war in Iraq has reduced that nation's petroleum production and exports to levels that are well below pre-war levels. Both events have had significant impacts on world oil prices. How would the simple supply and demand model apply to this case?

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Business Economics: As a result of the rapid growth of the chinese economy

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