There is a reduction in world oil supplies due to war in some supplying countries at a time when the winter in some importing countries was much colder than usual. The diagram shows the original equilibrium price, P.
What will be the equilibrium price of oil in these circumstances?
1 )
${P_1}$
2 )
${P_2}$
3 )
${P_3}$
${P_4}$
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