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.

d. Government imposes costly new regulations to make oil-drilling a safer job.

30. Predict how each of the following economic changes will affect the equilibrium price and quantity in the

financial market for home loans. Sketch a demand and supply diagram to support your answers.

a. The number of people at the most common ages for home-buying increases.
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