Consider the market for home improvements. If the cost of wood increases sharply, then the (demand for/ supply of) home improvements will (increase / decrease). This is depicted in diagram (A, B, C, D). The effect on equilibrium price will be (an increase / a decrease) and the effect on equilibrium quantity will be (an increase / a decrease). (A) (C) S S₁ D₂ D₁ S2 0 (B) (D) S D₁ D₂ S2 S₁ D Q

Consider the market for home improvements. If the cost of wood increases sharply, then the (demand for/ supply of) home improvements will (increase / decrease). This is depicted in diagram (A, B, C, D). The effect on equilibrium price will be (an increase / a decrease) and the effect on equilibrium quantity will be (an increase / a decrease). (A) (C) S S₁ D₂ D₁ S2 0 (B) (D) S D₁ D₂ S2 S₁ D Q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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