Consider the (world) market supply curve for oil. Saudi oil production inhabits the _____ part of the curve, and Canadian oil production inhabits the _____ part of the curve.

Question

Quizplus · Accepted Answer

Saudi oil production is typically cheaper and more abundant, placing it on the lower part of the supply curve, while Canadian oil production is more expensive and less abundant, placing it on the upper part of the curve.

Consider the (World) Market Supply Curve for Oil