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Complete the questions below. For changes in demand and supply (shifts in the curves) and equilibrium price, use + or - to show an increase or...
Complete the questions below. For changes in demand and supply (shifts in the curves) and equilibrium price, use + or - to show an increase or decrease. For no change use 0. If the effect is ambiguous and cannot be deduced from the information given, use U.
Market/Event
Below is an example of what is required for each question.
E.g., Oranges.A freeze in Florida destroys part of the nation’s orange crop. D 0 S - P+
- Milk. Recently it has become possible to give cows a hormone that increases their milk supply. Suppose use of this hormone becomes widespread.
D S P
- Hot dogs. Consumers can eat either hamburgers or hot dogs for dinner. The price of hamburger increases.
D S P
- Hot dogs. The price of hot dog buns increases.
D S P
- Wood. Logging companies find that their costs have increased due to expenses incurred meeting stricter environmental standards.
D S P
- New Cars. A recession causes people’s incomes to fall.
D S P
- Toys. In retaliation for poor labour practices, the Prime Minister increases the tax on imported toys, resulting in fewer being imported.
D S P
- Wine. Ontario produced wines win first place in an international wine competition.
D S P
- Engineers. Restrictions on the employment of women by engineering firms are eliminated by federal law.
D S P
- MP3’s. Law is passed to permit downloading of MP3’s from the Internet.
D S P
- Hockey neck guards. It has become mandatory for every hockey player to wear a neck guard.
D S P
