Direction: Study the following graph and answer the questions given below:
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Which month had less than one percent increase in crude oil price over the earlier month?
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- April only
- May only
- June only
- April & August only
Correct Option: B
Increase in the price of crude oil in the given month with respect to the corresponding previous months:
In April → (4800 - 3980) x 100/3980 = 20.6%
In May → (4940 - 4800)/4800 x 100 ≈ 3%
In June → (4970 - 4940)/4970 x 100 = 0.6%
In August → (6250 - 5730)x 100/5730 = 9.07%
it is clear that in the month of May only increase in crude oil price has less than 1% i.e., 0.6 % over the earlier month.
