The Discovery of a Large Amount of Previously-Undiscovered Oil in the U.S.would

question 50

Multiple Choice

The discovery of a large amount of previously-undiscovered oil in the U.S.would shift

• A)the long-run aggregate-supply curve to the right.
• B)the long-run aggregate-supply curve to the left.
• C)the aggregate-demand curve to the left.
• D)None of the above is correct.

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Definitions:

Practical

Denotes something that is oriented towards action or utility, often emphasizing effectiveness and convenience in real-life situations.

Good Theory

A well-substantiated explanation of some aspect of the natural world that is acquired through the scientific method and repeatedly tested and confirmed through observation and experimentation.

Operational Definition

A clear, precise way of defining a concept by specifying the operations or procedures used to measure or identify it.

Variable

An element, feature, or factor that is likely to vary or change in value between different individuals or under different conditions.