5. Assume the demand for lumber suddenly rises because of a rapid growth of demand for new...

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5. Assume the demand for lumber suddenly rises because of a rapid growth of demand for new housing. Assume no change in supply. Why does the equilibrium price of lumber rise? What would happen if the price did not rise under the demand and supply circumstances described? LO6

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Economics Principles Problems And Policies

ISBN: 9780073511443

19th Edition

Authors: Campbell Mcconnell ,Stanley Brue ,Sean Flynn

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