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 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

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 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 typically be upward sloping, reflecting the industry's response to price changes in a competitive market.

The Three Diagrams Below Each Show a Supply Curve for Oil