Falling oil prices meant that consumers in Libya could afford fewer imported goods. The Libyan government imposed controls to limit imports of cigarettes. At one point, the market price of a carton of cigarettes rose to $70. Which graph in Figure 4-22 best depicts this situation?
Definitions:
Mass Production
The manufacturing of large quantities of standardized products, often using assembly lines or automated technology.
Henry Ford
An American industrialist and founder of the Ford Motor Company, known for revolutionizing the automobile industry with mass-production techniques.
Industrial Revolution
The transition to new manufacturing processes in Europe and the United States, from the late 18th century to the early 19th century, which included the development of mechanized production methods.
Steam Engine
A heat engine that performs mechanical work using steam as its working fluid, fundamental to the Industrial Revolution for its role in powering machinery, trains, and ships.
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