Refer to the following figure when answering the following questions.
Figure 13.3: Aggregate Supply Curve
-Consider Figure 13.3. If rebels in Nigeria, a major oil-producing country, temporarily hijack privately owned and operated oil wells, this would be characterized in the aggregate supply curve as a movement from point ________ to point ________.
A) c; b
B) c; e
C) c; d
D) b; e
E) Not enough information is given.

Question

Refer to the following figure when answering the following questions.
Figure 13.3: Aggregate Supply Curve 
-Consider Figure 13.3. If rebels in Nigeria, a major oil-producing country, temporarily hijack privately owned and operated oil wells, this would be characterized in the aggregate supply curve as a movement from point ________ to point ________.
A) c; b 
B) c; e 
C) c; d 
D) b; e 
E) Not enough information is given.

Quizplus · Accepted Answer

The hijacking of oil wells by rebels in Nigeria would likely cause a decrease in the supply of oil, leading to higher production costs for many goods and services. This scenario is typically represented by a leftward shift in the aggregate supply curve, moving from a point of higher supply to a point of lower supply, which corresponds to the movement from point c to point e in a typical aggregate supply and demand model.

Refer to the Following Figure When Answering the Following Questions