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1. Draw a demand and supply graph to show the effect on the equilibrium price in...

1. Draw a demand and supply graph to show the effect on the equilibrium price in a market in the following situation:

The demand curve shifts to the right.

2.

Draw a demand and supply graph to show the effect on the equilibrium price in a market in the following situation:

The supply curve shifts to the left.

3

In October 2005, the U.S. Fish and Wildlife Service banned the importation of beluga caviar, the most prized of caviars, from the Caspian Sea. Provide with a supply and demand graph what happened in the market for caviar in the United States. Show what happened to the price and quantity of the caviar after the shift.

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