1. Fill in the blanks to complete the statements about a supply-and-demand model, as applied in
the following situations
a. Consider the market for cement in Toronto. If, ceteris paribus, half the producers in
this market shut down, the ______ curve for cement will shift to the ______,
indicating a(n) ______ in ______
b. Consider the market for Canadian softwood lumber (a normal good). If ceteris paribus,
average incomes in both Canada and the United States rise over several years, the
______ curve for lumber will shift to the ______, indicating a(n) ______ in ______
c. Consider the market for Quebec artisanal cheeses. If ceteris paribus, the price of
imported cheese from France rises significantly, the ______ curve for Quebec
cheeses will shift to the ______, indicating a(n) ______ in ______
d. Consider the market for milk in the United States. If, ceteris paribus, the US
government decreases subsidies to dairy farmers, the ______ curve for milk will
shift to the ______, indicating a(n) ______ in ______
e. Consider the world market for shipping containers. If the price of steel rises, the
______ curve for shipping containers will shift to the ______, indicating a(n) ______ in ______