Answer:
- Supply reduces and supply curve shifts left.
- Price increases
Explanation:
The Middle East supplies a significant amount of the world's oil which means that conflict there could disrupt the movement of oil in the world.
In this scenario there is a conflict. This conflict would cause the supply of oil to reduce which means that the Supply curve will be forced to shift left to show that it has dropped.
This new supply curve will then intercept with the demand curve at a higher equilibrium price thereby leading to a price increase.
As a science, psychology gains knowledge through observation and measurement. this approach is called<u> "empiricism",</u> and the step-by-step implementation is called the <u>"scientific" </u>method, which follows systematic steps in a bias-free way, in order to obtain <u>"reproducible"</u> results.
Empiricism is an essential part of the scientific method since speculations and theories must be watched and tried to be viewed as precise. Empiricists will in general be skeptical that anything can be known for certain and, in this way, they tend not to put stock in creeds or total certainties. Empiricism is a philosophical conviction that expresses your insight into the world depends on your encounters, especially your tactile encounters.
Based on my opinion, the best answer would be B.
I may not be correct but...
I hope this helps:)
Answer:
a detailed examination of specific economic units that make up the economic system.
Explanation:
Microeconomics -
It refers to the study of all the economic units of the society , which interferes in making the economic system , is referred to as microeconomics .
It helps to give the idea about the alteration of different values of the goods and services , and the reason for making an efficient and productive decision .
Microeconomics and macroeconomics together helps to study the complete economics subject .
