Affect the equilibrium price and quantity of wood tables

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Using demand and supply curves, illustrate and explain how the following would affect the equilibrium price and quantity of wood tables.

A. The Environmental Protection Agency bans the cutting down of "old growth" forests, causing lumber prices to rise.

B. The price of glass tables, which are a substitute in the consumption and production of wood tables, rises.

C. The price of sofas, which are a complement in consumption, declines.

Reference no: EM131001891

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