Question text

Comparative Statics. Demand and supply conditions in the steel market are important concerns to business and government decision makers. Some of the following factors have the potential to influence the demand or quantity demanded of raw steel. Influences on the supply or quantity supplied may also result. Holding all else equal, describe these influences as increasing or decreasing, and indicate the direction of the resulting movement along or shift in the relevant curve(s).

A.Increases in the U. S. Department of Transportation's mileage requirements for car fleets.B.Public outcry at the poor condition of the nation's interstate freeway system.C.New alloys that increase steel's tensile strength are created.D.A severe recession.E.A new technology reduces the production cost of raw steel by one-third.