, draw the appropriate shifts in the demand and supply curves to explain these two phenomena.

Collectors of vintage lightning rods formerly had to drift from antique store to antique store, hoping to find a lightning rod for sale. The invention of the Internet reduced the cost of finding lightning rods available for sale. a. Draw a diagram showing how the invention and popularization of the Internet have caused the demand curve for lightning rods to shift. b. Suppose that the only change in the market for lightning rods is the change you described in (a). How would that change affect the equilibrium price of lightning rods and the equilibrium quantity of lightning rods sold? 8. In March 2002 the retail price of gasoline was $1.19 per gallon-exactly the same as it was in August 1990. Yet, total gasoline production and consumption rose from 6.6 million barrels per week in 1990 to 8. 7 million barrels per week in 2002. Using the graph below, draw the appropriate shifts in the demand and supply curves to explain these two phenomena.

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