Assume the demand for lumber suddenly rises because of a rapid growth of demand for new housing.
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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?
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Related Book For 
Essentials Of Economics
ISBN: 9780077502140
3rd Edition
Authors: Stanley Brue, Campbell McConnell, Sean Flynn
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