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For this assignment you are required to pick a product or service you use in your everyday life and describe the market for this product.
For this assignment you are required to pick a product or service you use in your everyday life and describe the market for this product. Please make sure to address the following questions:
- What factors influence the demand for this product? What factors influence the supply of this product?
- How have these changes in supply and demand affected the equilibrium price of this product?
- Do you anticipate any changes to the demand and/or supply of this product in the near future? If so, what is driving these changes?
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