Refer to the graph shown. The free market equilibrium in the graph is at a price and quantity of:

When federal regulations protect birds, such as the spotted owl, lumber prices rise because

A) there is less supply of available timber. B) there is less demand for available timber. C) there is more supply of available timber. D) there is more demand for available timber.

If the exchange rate between the dollar and Japanese yen is below the equilibrium exchange rate, there will be a ________ of dollars, and the exchange rate will ________

A) surplus; fall to the equilibrium level B) shortage; change only when the supply curve shifts leftward C) shortage; rise to the equilibrium level D) surplus; rise to the equilibrium level