Answer: There would be scarcity of oil, and an increase in the price of oil.
Explanation: supply can be defined as the quantity the supplier has taken to the market for sale at the ruling price. The law of supply states that, the higher the price the greater the quantity that will be supplied.in this case the supply curve will slopes upward from left to right. In the question the organization of petroleum exporting countries is reducing supply of oil to the market in order to force the price up, it will create a situation in which there is an increase in the demand for oil in which the supply cannot match.
Price is one of the major factors that causes changes in supply, when the price of a commodity falls, it is an indication that less ofsuch a commodity is needed in the market. The reaction of the producers is to reduce supply. But on the other hand, if price rises more will be supplied because an increase in price indicates that the commodity is being bought by the consumers.
IT risk assessment is the process of figuring out safety dangers and assessing the risk they pose. The last motive of IT hazard evaluation is to mitigate risks to prevent safety incidents and compliance screw-ups.
The purpose of hazard control is to discover potential issues earlier than they arise, or, in the case of opportunities, to try to leverage them to motivate them to occur. Risk-handling sports may be invoked at some stage in the life of the project.
To offer a foundation for monitoring and an overview of the change control technique. To make sure that risks are continually reassessed and managed in a proactive way. To provide entry into the decision-making method regarding the allocation of sources. To assist the agency in attaining its goals.
IT dangers encompass hardware and software program failure, human errors, spam, viruses, and malicious assaults, as well as herbal failures which include fires, cyclones or floods.
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