A Leftward Shift of the Supply Curve for Oil in the United

question 218

Multiple Choice

A leftward shift of the supply curve for oil in the United States is most likely to result from

• A) a decrease in the fees that oil companies must pay for drilling licenses.
• B) an increase in the subsidy for oil exploration and drilling.
• C) a decrease in the world price of oil.
• D) an increase in the costs of exploration and drilling for oil.

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Definitions:

Majority Shareholder

An entity or individual that owns more than half of the shares in a company, giving them significant control over the company's decisions.

Duty

An obligation, often legal or moral, that an individual or entity is bound to fulfill towards others.

Securities And Exchange Commission

A U.S. government agency responsible for enforcing the federal securities laws, proposing securities rules, and regulating the securities industry.

Shareholder

An individual or entity that owns shares in a corporation, thereby holding a portion of the corporation's equity and potentially having voting rights.