The three following diagrams show the supply of luxury ocean liners at three different levels of aggregationthe
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a. Which diagram shows the supply of ocean liners to the world as whole? Explain its elasticity.
b. Which diagram shows the supply of ocean liners to Canada? Explain its elasticity.
c. Which diagram shows the supply of ocean liners to an individual Canadian firm? Explain its elasticity.
d. What is the general relationship between factor mobility and the elasticity of factor supply?
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a Ocean liners take several years to build It also takes quite a while to refit ...View the full answer
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Related Book For 
Microeconomics
ISBN: 978-0321866349
14th canadian Edition
Authors: Christopher T.S. Ragan, Richard G Lipsey
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