Question

Which of the following events will N९T have a probability of happening? a. Welder will be late for work. b.Cutting tool bit will break. c. Oil flow line will clog. d.Poor quality raw material will produce better product.

Answer 1

Events a, b, and c can affect the equilibrium wage and quantity of oil workers in Texas.

Step-by-step explanation:

a. The price of oil rises: When the price of oil rises, it will increase the demand for oil workers in Texas as more workers will be needed to produce the higher quantity of oil. This will lead to an increase in the equilibrium wage and quantity of oil workers in Texas.

b. New oil-drilling equipment is invented that is cheap and requires few workers to run: If new oil-drilling equipment is invented that is cheap and requires few workers to run, it will decrease the demand for oil workers in Texas. This will result in a decrease in the equilibrium wage and quantity of oil workers in Texas.

c. Several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry: If several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry, it will decrease the supply of oil workers in Texas as workers will have more job opportunities outside the oil industry. This will lead to a decrease in the equilibrium wage and quantity of oil workers in Texas.