QUESTIDN 3 Australia is one of the major exporters of iron ore as one of its resources. However, there are many other producers of iron ore in the world. Suppose the price of iron ore is set in an internationally competitive market. {a} Due to a major demand shock in China, the demand for iron ore by China increased significantly. However, at the same time some mines in Africa closed down due to production issues. Explain how would the market equilibrium price and quantity for this product change internationally? {b} Based on the answer you provided for part {a} what would be the new market equilibrium in Australia? {cl What would be the effects on the macroeconomg of Australia as a result of this change in the iron ore marlret