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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The amount of earnings left over after all expenses, including taxes and cost of goods sold, have been subtracted from total revenue, indicating the financial success or profitability of a company over a specified period.

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Events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence, significantly impacting a company's financial position.

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