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Business, 11.03.2020 18:08 megamorph

A positive oil shock. Suppose scientists discover a new way to extract oil from deposits that were previously thought to be unrecoverable. The extra supply of oil leads oil prices to decline by $5 per barrel. Explain the effect on wages, the employment-population ratio, and unemployment—all for the overall economy.

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A positive oil shock. Suppose scientists discover a new way to extract oil from deposits that were p...

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