FIGURE 13- 4 the Three Diagrams Below Each Show a Supply

question 107

Multiple Choice

FIGURE 13- 4 The three diagrams below each show a supply curve for oil tankers over a relatively short period of time.

-Refer to Figure 13- 4.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

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Definitions:

Clique

A small, exclusive group of individuals with shared interests or common goals, often perceived as isolating themselves from others.

Person-To-Person

Direct interaction or communication between two or more individuals.

Person-To-Person

Direct communication or interaction between individuals, often implying a more intimate or personal connection.

Closed Group

A group with fixed membership, where new members can join only when it opens up for new intake.