55 The three diagrams below each show a supply curve for oil tankers over a relatively short period of time. FIGURE 13- 3
-Refer to Figure 13- 3. Consider the supply of oil tankers to an individual Canadian 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

55 The three diagrams below each show a supply curve for oil tankers over a relatively short period of time.  FIGURE 13- 3
-Refer to Figure 13- 3. Consider the supply of oil tankers to an individual Canadian 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 relevant to the North American shipping industry, as it would typically reflect a larger market than an individual firm but smaller than the global market.

55 the Three Diagrams Below Each Show a Supply Curve