FIGURE 13- 4 The three diagrams below each show a supply curve for oil tankers over a relatively short period of time.

-Refer to Figure 13- 4.Consider the supply of oil tankers to an individual Canadian shipping firm,the North American shipping industry,and the world shipping industry.Which diagram best shows the supply of oil tankers that is relevant to the North American shipping industry?
A)diagram 1
B)diagram 2
C)diagram 3
D)diagrams 2 or 3
E)diagrams 1 or 2

Question

FIGURE 13- 4 The three diagrams below each show a supply curve for oil tankers over a relatively short period of time.
 
-Refer to Figure 13- 4.Consider the supply of oil tankers to an individual Canadian shipping firm,the North American shipping industry,and the world shipping industry.Which diagram best shows the supply of oil tankers that is relevant to the North American shipping industry?
A)diagram 1 
B)diagram 2 
C)diagram 3 
D)diagrams 2 or 3 
E)diagrams 1 or 2

Quizplus · Accepted Answer

Diagram 3 likely represents the supply curve for the North American shipping industry, as it would show a more elastic supply compared to an individual firm but less elastic than the world industry.

FIGURE 13- 4 the Three Diagrams Below Each Show a Supply