We can measure the global container shipping volume using TEU-miles per year. TEU stands for Twenty-foot Equivalent Units and a TEU-mile is the transport of a twenty-foot container by one mile. For instance, if we want to ship ten TEUs a distance of 7000 miles, then we need to buy 10 x 7000 = 70,000 TEU-miles. For each of the three scenarios below: (i) classify the scenario as a "supply shock" or as a "demand shock," (ii) indicate whether this shock will make the short run equilibrium price move higher or lower, and (iii) indicate whether this shock will make the new short run equilibrium quantity increase or decrease.

a. Congestion at many of the world's busiest ports causes long waits for loading and unloading containers.

b. "Lockdown Economics" finally ends, and consumers redirect a large percentage of their spending from goods towards services.

c. Fuel prices fall by half.