The discovery of new oil deposits will cause
A) the long-run aggregate supply curve to shift to the right and the short-run aggregate supply curve to shift to the left.
B) the long-run aggregate supply curve to shift to the right, but not the short-run aggregate supply.
C) the short-run aggregate supply curve to shift to the right, but not the long-run aggregate supply curve.
D) both the long-run and the short-run aggregate supply curves to shift to the right.
D
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Refer to Figure 9.1. If the market is in equilibrium, total consumer and producer surplus is
A) $0. B) $100. C) $800. D) $1200. E) $2000.
Which of the following statements would be represented by a backward-bending labor supply curve?
a. A $50,000-a-year professor works more hours than a $20,000-a-year professor. b. The CEO of a major computer manufacturer works more hours than the union workers. c. The owners of a successful business work fewer days than do their employees. d. Hospital janitors work fewer hours than does the chief of obstetrics. e. High-ranking executives are more likely to work past 5:00 p.m. than are middle managers.