list how both the equilibrium price and quantity change (increase/decrease, etc.) as the result of this change.

1. Suppose that new technology is discovered that makes it much cheaper to produce flat-screen TVs. How will this affect the market for flat-screen TVs?

2. Assuming that markers and colored pencils are substitutes, how would an increase in the price of markers affect the market for colored pencils?

3. Suppose that the price of cheese were to increase. How would this influence the market for grilled cheese sandwiches?

4. Suppose that a used textbook is considered to be an inferior good. If consumers are optimistic that their incomes will be increasing, what do you expect to see in the market for used textbooks?

5. First, suppose that the results of a new study find the consumption of soybeans to be beneficial in reducing one's risk of heart disease. In addition, the price of carrots suddenly increases (where farmers can easily switch between growing soybeans and carrots). How do you think these two effects will influence the market for soybeans?