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In each of the following competitive market situations, holding all other variables constant, briefly explain how shifts in demand or supply would affect the market
In each of the following competitive market situations, holding all other variables constant, briefly explain how shifts in demand or supply would affect the market price and/or quantity. a. If the U.S imposes large tariffs on lumber produced in Canda, how would this likely affect the price of lumber in the U.S. b. Medical researchers find that eating more eggs reduces the risk of heart disease and stroke. c. Electricity is an important input to aluminum production. What happens to the price and quantity of aluminum as firms adopt new technology that reduces their electricity usage
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