Changes to Supply, Quantity Supplied, Demand, and Quantity D

Changes to Supply, Quantity Supplied, Demand, and Quantity DemandedUsing 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. EventMarket for:PriceDemand CurveSupply CurveQuantity DemandedQuantity Supplied

A severe drought hits the Midwest corn growersCornThe U.S. government reduces taxes on imported lumberNew Home BuildingThe federal government raises the minimum wage from $7.25 per hour to $11.00 per hourMinimum wage jobsTechnology improves for automobile assemblyAutos

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