c) The price of sports utility vehicles rises. d) A stock market crash lowers people's wealth. Question 2 Illustrate with diagrams and explain (with reference to demand and supply curves) what happens to equilibrium price and quantity for each of the following statements: [Hint: Be specific about which market you are analysing.] a) "A serious drought destroyed the strawberry crop last week." b) "The government recently relaxed immigration laws which allowed a large wave of new (unskilled) foreign workers to enter the country." c) "When a war breaks out in the Middle East and disrupts the supply of oil worldwide, the market for used Rolls Royce cars is affected." Question 3