Suppose You Wish to Analyze the Change in the Equilibrium

question 134

Multiple Choice

Suppose you wish to analyze the change in the equilibrium price of lumber as a result of pine beetle infestations that are destroying trees in the West. What would your first step be?

• A) to identify the new equilibrium point
• B) to decide whether the fires affect the quantity demanded
• C) to decide whether the fires affect the price
• D) to decide whether the fires shift demand or supply

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