1. Using carefully labeled graphs, please illustrate supply, demand, price, quantity, equilibrium, shortages, and/or surpluses for the following situations. Use arrows to show changes. Graphs must be accurate \& complete for full credit. If your answers are not readable, they will not earn credit. You are encouraged to use the back of the page if more room is needed. A. (10 pts.) Product: U.S. automobiles Situation: The price of gasoline goes up and consumers decide to buy fewer cars and to use buses more instead of cars. B. (10 pts.) Product: U.S. automobiles Situation: The U.S. government raised the business taxes of auto manufacturers. C. (10 pts.) Product: U.S. automobiles Situation: The price of substitute Japanese automobiles goes up. 2. U.S. government intervention A. (15 pts.) Product: U.S. Wheat