curve for lumber will shift to the , indicating a(n)
in.
c. Consider the market for Quebec artisanal cheeses. If,
ceteris paribus, the price of imported cheeses from France
rises significantly, the curve for Quebec cheeses will
shift to the , indicating a(n) in.
d. Consider the market for milk in the United States. If,
ceteris paribus, the U.S. government decreases subsidies to
dairy farmers, the curve for milk will shift to the
indicating a(n) in.
e. Consider the world market for shipping containers. If,
ceteris paribus, the price of steel (a major input) rises, the
curve for shipping containers will shift to the ,
indicating a(n) in.
f. Consider the market for hot dog buns. If, ceteris paribus
the price of wieners doubles, the curve for hot dog
buns will shift to the , indicating a(n) in.
4. Fill in the blanks to make the following statements correct.
a. Ceteris paribus, the price of a product and the quantity
demanded are related.
b. Ceteris paribus, the price of a product and the quantity
supplied are related.
c. At any price above the equilibrium price there will be
excess. At any price below the equilibrium price there
will be excess.
d. The equilibrium price is the price at which quantity
demanded quantity supplied.
