5. Using diagrams, show what changes in price and quantity would be expected in the following markets
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5. Using diagrams, show what changes in price and quantity would be expected in the following markets under the scenarios given:
a. Crude oil: As petroleum reserves decrease, it becomes more difficult to find and recover crude oil.
b. Air travel: Worries about air safety cause travelers to shy away from air travel.
c. Rail travel: Worries about air safety cause travelers to shy away from air travel.
d. Hotel rooms in Hawaii: Worries about air safety cause travelers to shy away from air travel.
e. Milk: A genetically engineered hormone enables large milk producers to cut production costs.
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