A New Discovery of Large Volumes of Previously Unknown Oil

question 42

Multiple Choice

A new discovery of large volumes of previously unknown oil deposits in Texas would

• A) shift the short-run and long-run aggregate supply curves to the right.
• B) shift only the short-run aggregate supply curve to the right.
• C) shift only the long-run aggregate supply curve to the right.
• D) not affect either the short-run or long-run aggregate supply curves.

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Definitions:

Statistically Significant

A term indicating that the results of a study are unlikely to have occurred by chance, according to a predefined threshold of probability.

Significant

Having a particular meaning, importance, or consequence, often in a statistical, emotional, or practical sense.

Field Research

The collection of raw data outside a laboratory, library, or workplace setting.

Sophisticated Equipment

Advanced and highly complex machinery or devices used in various fields such as research, manufacturing, or medical diagnostics.