Suppose that due to more stringent environmental regulation it becomes more expensive for steel production firms to operate. Also, recent technological advances in plastics has reduced the demand for steel products. Use Supply and Demand analysis to predict how these shocks will affect equilibrium price and quantity of steel. Can we say with certainty that the market price for steel will fall? Why? 
Definitions:
Perfectly Inelastic
A situation in demand or supply in which the quantity demanded or supplied does not change regardless of changes in price.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a specific price.
Income Elasticity
A measure of how much the demand for a product or service changes relative to a change in consumers' income.
Total Revenue
The total income a firm receives from the sale of its goods or services before any costs or expenses are subtracted.
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