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28. Identify each of the following as involving either
demand or supply. Draw a circular flow diagram and
label the flows A through F. (Some choices can be on
both sides of the goods market.)
a. Households in the labor market
b. Firms in the goods market
c. Firms in the financial market
d. Households in the goods market
e. Firms in the labor market
f. Households in the financial market
29. Predict how each of the following events will raise
or lower the equilibrium wage and quantity of oil
workers in Texas. In each case, sketch a demand and
supply diagram to illustrate your answer.
a. The price of oil rises.
b. New oil-drilling equipment is invented that is
cheap and requires few workers to run.
c. Several major companies that do not drill oil
open factories in Texas, offering many well-paid
jobs outside the oil industry.

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  • 1. 28. Identify each of the following as involving either demand or supply. Draw a circular flow diagram and label the flows A through F. (Some choices can be on both sides of the goods market.) a. Households in the labor market b. Firms in the goods market c. Firms in the financial market d. Households in the goods market e. Firms in the labor market f. Households in the financial market 29. Predict how each of the following events will raise or lower the equilibrium wage and quantity of oil workers in Texas. In each case, sketch a demand and supply diagram to illustrate your answer. a. The price of oil rises. b. New oil-drilling equipment is invented that is cheap and requires few workers to run. c. Several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry.