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2. Suppose you discover that consumers are currently purchasing 20 times as many widgets as they were purchasing 10 years ago. Would you expect the
2. Suppose you discover that consumers are currently purchasing 20 times as many widgets as they were purchasing 10 years ago. Would you expect the price of a widget to be higher or lower today than it was 10 years ago? Under what circumstances would you expect it to be higher? Under what circumstances would you expect it to be lower? Draw graphs to illustrate your answer
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