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Is an increase in the price of oil a microeconomic event or macroeconomic event or both?
Please answer.
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- simplicitusLv 79 years agoFavorite Answer
Both.
The supply and demand factors that go into oil prices are generally micro-economic. But the importance of oil prices to the world economy makes any change in the price of oil a macro-economic event, which, in turn, affects demand.
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