Firewood prices in places from northern California to Boston and suburban New Jersey have remained steady even though the supply of firewood has been diminished by environmental restrictions of cutting. The Wall Street Journal reports that sales of gas fire places are outpacing sales of wood-burning hearths and that “people are burning less and less wood.” Use supply and demand analysis to show why firewood prices are not rising while the quantity of firewood burned is declining (hint: Allow for simultaneous shifts in the demand and supply of firewood.)
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