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Use the following to answer question(s) : Demand and Supply Shifters
-(Exhibit: Demand and Supply Shifters) The exhibit shows how supply and demand might shift in response to specific events.Suppose oil becomes more expensive.Which panel best describes how this will affect the market for gasoline, which is made from oil?
Specialization
In economics, it refers to the process by which individuals, businesses, or countries focus on producing a narrow range of goods or services to gain greater efficiencies and improve competitive advantage.
Self-Sufficiency
The condition of being able to satisfy all of one's needs without external assistance.
NAFTA
The North American Free Trade Agreement, a treaty entered into by the United States, Canada, and Mexico; effective in 1994 to eliminate most tariffs on trade between these nations.
United States
A country in North America consisting of 50 states and a federal district, known for its significant influence in global politics, economy, and culture.
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