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In the table, the graphs show four possible shifts in demand or in supply (Panels a, b, c, and d) that could occur in particular
In the table, the graphs show four possible shifts in demand or in supply (Panels a, b, c, and d) that could occur in particular markets. Relate each of the events described below to one of the graphs. Explain your answer.
- How did the heavy rains in South America in 1997 affect the market for coffee? Select the correct graph and explain it.
- How do you think rising incomes affect the market for ski vacations? Select the correct graph and explain it.
- How would a ban on smoking in public affect the market for cigarettes? Select the correct graph and explain it.
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