You have been asked by your economics professor to graph the market for lumber and then to analyze the change that would occur in equilibrium price as a result of recent forest fires in the west. Your first step would be to
a. decide which direction to shift the curve.
b. decide whether the fires affected demand or supply.
c. graph the shift to see the effect on equilibrium.
d. None of the above is correct.
b
Economics
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Suppose planned expenditures exceed output. Explain how equilibrium is restored in this economy
What will be an ideal response?
Economics
When Scuba, Inc, lowered the price of a tank of compressed air by 20 percent, it sold 10 percent more tankfuls. The price elasticity for compressed air is
a. 2. b. 1/2. c. 1. d. 20.
Economics