21. In 2021 a severe shortage of computer chips, combined with rising incomes has caused the supply of pickup trucks to _while demand has _ the supply effect the following is now true in this market: _. If the demand effect has been smaller than b. Rise; fallen; prices have increased, and the equilibrium quantity has not changed. Fall; fallen (due to higher prices); Price ceilings need to be imposed. c. Not changed (quantity supplied has fallen; risen; prices have increased. d. Fall; Risen; the equilibrium quantity has fallen while prices have increased. 22. Suppose in 2022 consumer tastes for bread with gluten continues to fall while improved growing conditions in the Montana wheat belt leads to a huge increase in wheat supplies (wheat has gluten). The following would take place in the market for wheat bread in 2022: a. An increase in the supply, lower demand, and lower prices. b. An increase in quantity supplied, a decrease in quantity demanded and lower prices. c. No change in supply, lower demand, and lower prices. d. Higher prices. e. A decrease in demand, an increase in supply and higher prices. 23. There is a shortage of Nike shoes all over the U.S. due to cargo ships not being unloaded in California. If the demand for Nike shoes increases this holiday season the following will occur: a. The shortage will turn into a surplus as consumers have trouble finding Nike shoes. b. The shortage will grow worse, prices will likely increase and, according to the law of demand, demand will fall right before Christmas. c. The Nike shoe market will fail, leading to negative externalities for Nike and Nike customers. d. Prices will rise as the shortage intensifies. e. All of the above