Review+Questions


 * 1) 1. Fast food is an important industry in some urban areas in the United States.
 * 2) a. Draw and correctly label a supply and demand graph for fast food.
 * 3) b. In most urban areas, workers decide to go on strike to demand higher wages. If the workers get their demands met, show what will happen to the supply and demand graph?
 * 4) c. Why does the graph change?
 * 5) d. A new study is published that shows that fast food restaurants are now using healthier ingredients, and that fast food is better for consumers than ever before. Show what will do to the supply and demand graph.
 * 6) e. Why does the graph change?
 * 7) f. What will be the over change in equilibrium price and quantity?

2. I Like Turtles a. Draw and correctly label a supply and demand graph of the turtle industry. b. The Surgeon General says that turtles carry salmonella, and shouldn't be used for pets of young children. What happens to the market and why? c. Show your change on the graph in part a. d. A new disease kills many turtles. What happens to the market and why? e. Show your change on the graph in part a. f. What is the end result on the turtle market?