Explain clearly

10. Market for lumber What would we expect the effect of the following events to be in the market for lumber, everything else remaining the same? The loggers' labour union is successful in negotiating higher wages for its members, lower interest rates create a building boom and lumber prices are expected to fall next year. [2 A higher equilibrium price [: A lower equilibrium quantity C A higher equilibrium quantity l: A lower equilibrium price I: No change in equilibrium price C. No change in equilibrium quantity C Equilibrium price could rise or fall l: Equilibrium quantity could rise or fall