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 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 an individual Canadian firm?
A)diagram 1
B)diagram 2
C)diagram 3
D)diagrams 2 or 3
E)diagrams 1 or 2

Question

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 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 an individual Canadian firm?
A)diagram 1 
B)diagram 2 
C)diagram 3 
D)diagrams 2 or 3 
E)diagrams 1 or 2

Quizplus · Accepted Answer

Diagram 1 shows a relatively short period of time and a specific supply curve for oil tankers that would be relevant to an individual Canadian shipping firm. Diagrams 2 and 3 show longer time periods and broader supply curves that would be more relevant to North American or global shipping industries.

The Three Diagrams Below Each Show a Supply Curve for Oil