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Illustrate the impact change will have on market for bricks

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Reference no: EM133083167

Lumber and brick are substitutes in home construction. Consider the market for bricks depicted in the graph. Suppose the price of lumber increases due to new regulations for the logging industry. Shift one or both curves in the graph to illustrate the impact this change will have on the market for bricks.

Equilibrium price

  1. increases.
  2. decreases.
  3. remains constant.
  4. change is ambiguous

Equilibrium quantity

  1. increases.
  2. decreases.
  3. remains constant
  4. change is ambiguous.

Reference no: EM133083167

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