Instructions
For each of the following situations, use supply and demand curves and write a description to explain the effect on the market, including the changes in equilibrium price and quantity and any initial shift in either supply or demand. Explain how each adheres to or violates the laws of supply and/or demand and chart and graph each on a separate demand curve (depicted below).
- The effects on the “market for new automobiles” if auto manufacturers must pay an increase in wages for auto workers
- The effects on the “market for air travel” if new technology doubles the speed of trains
- The effects on the “market for Netflix” if movie theaters double their prices.
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