Appendix B1

Appendix B1

|Event |Market affected by event |Shift in supply, demand, or |Change in equilibrium |

| | |both. Explain your answer. | |

|Frozen orange crops in California |Orange Juice |Supply (left)—Not as many |Price will increase and quantity|

| | |available oranges to offer |will decrease. |

| | |consumers. | |

|Hurricanes in the Gulf Coast |Gulf Coast Tourism | Demand shifts left as tourists | Price will decrease and |

| | |will stay away. |quantity will decrease. |

|Price of hot dogs increases |Hamburger | Demand shifts to the right as | Price will increase and |

| | |more people rather have a |quantity will increase. |

| | |hamburger. | |

|Price of sugar increases |Candy | Supply will shift to the left | Price will increase and supply |

| | |because it will be more |will decrease. |

| | |expensive to produce. | |

|New auto company opens in Detroit |Automobile | Supply will shift to the right | Price will decrease and |

| | |because there...