Fill in the blanks to complete the statements about a supply-and-demand model, as applied in the following

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Fill in the blanks to complete the statements about a supply-and-demand model, as applied in the following situations.
a. Consider the market for cement in Toronto. If, ceteris paribus, half the producers in this market shut down, the ______ curve for cement will shift to the ______, indicating an ______ in ______.
b. Consider the market for Canadian softwood lumber (a normal good). If, ceteris paribus, average incomes in both Canada and the United States rise over several years, the ______ curve for lumber will shift to the ______, indicating an ______ in ______.
c. Consider the market for Quebec artisanal cheeses. If, ceteris paribus, the price of imported cheeses from France rises significantly, the ______ curve for Quebec cheeses will shift to the ______, indicating an ______ in ______.
d. Consider the market for milk in the United States. If ceteris paribus, the U.S. government decreases subsidies to dairy farmers, the ______ curve for milk will shift to the ______, indicating an ______ in ______.
e. Consider the world market for shipping containers. If, ceteris paribus, the price of steel (a major input) rises, the ______ curve for shipping containers will shift to the ______, indicating an ______ in ______.
f. Consider the market for hot dog buns. If, ceteris paribus, the price of wieners doubles, the ______ curve for hot dog buns will shift to the ______, indicating an ______ in ______.
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Microeconomics

ISBN: 978-0321866349

14th canadian Edition

Authors: Christopher T.S. Ragan, Richard G Lipsey

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