Microeconomics - Week #2 Assignment x Changes to Supply, Quantity Supplied, Demand, and Quantity Demanded Using the table, for each line item and its associated column, describe how the market for each specific product will be affected by the associated event indicating whether it will rise, fall, or no change. For example, in the first line item for the market of corn, based upon the event of a severe drought, the price will either rise or fall or no change, demand curve will shift left (fall) or right (rise) or no change, supply curve will shift left (fall) or shift right (rise) or no change, quantity demanded will rise, fall, or no change, and quantity supplied will either rise, fall, or no change. Demand Quantity Event Market for: Supply Quantity Price Curve Curve Demanded Supplied A severe drought hits the Midwest com Corn growers The U.S. government reduces taxes on New Home imported lumber Building The federal government raises the minimum wage from Minimum wage $7.25 per hour to jobs $11.00 per hour X Technology improves for automobile Autos assembly