During the pandemic in 2020, many more people decided to renovate their homes. This renovation often required plywood. Also during the same time, many of the companies producing plywood closed because of government regulations. You will be asked several questions about this situation. Do NOT draw a graph; instead please respond to the questions in an essay form.

Explain how the pandemic affected the market for plywood.

Explain the effect on the equilibrium price and quantity of plywood.

Suppose that there had been no government regulations closing the plants and that workers would have continued to work as normal. Explain what then the effect on the equilibrium price, the equilibrium quantity, and the efficient quantity of plywood would be.