Multiple Choice
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. What would your first step be?
A) to decide which direction to shift the curve
B) to decide whether the fires affected demand or supply
C) to graph the shift to see the affect on equilibrium
D) to decide whether the fires shift demand or supply
Correct Answer:
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