Problem
According to the "Oil, Oil Sands, and Oil Shale Shutdowns" application, the minimum average variable cost of processing oil sands dropped from $25 a barrel in the 1960s to $18 due to technological advances. In a figure, show how this change affects the supply curve of a typical competitive firm and the supply curve of all the firms producing oil from oil sands.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.