The Three Diagrams Below Each Show a Supply Curve for Oil

question 122

Multiple Choice

The three diagrams below each show a supply curve for oil tankers over a relatively short period of time. FIGURE 13-3
-Refer to Figure 13-3.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 an individual Canadian firm?

• A)diagram 1
• B)diagram 2
• C)diagram 3
• D)diagrams 2 or 3
• E)diagrams 1 or 2

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Slavery

The condition in which individuals are owned by others, who control where they live and at what they work.

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Activities or roles held in the public sphere, outside of the private domain, involving governance, policy-making, or civic engagement.

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A fundamental and often sudden change in political power and political organization, usually occurring when the population revolts against current authorities.

Owen

Robert Owen was a Welsh textile manufacturer, philanthropic social reformer, and one of the founders of utopian socialism and the cooperative movement.