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This is about a supply curve. I don't understand why the rightmost point is the highest-cost barrels of oil. My answer is the lowest-cost barrels
This is about a supply curve.
I don't understand why the rightmost point is the highest-cost barrels of oil.
My answer is the lowest-cost barrels of oil.
The reason is that as producer produce more oil, the cost to supply will decrease.
The rightmost points on the supply curve for oil represent:
My choices are
the easiest barrels of oil to extract.
the highest-cost barrels of oil.
the lowest-cost barrels of oil.
the most profitable barrels of oil.
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