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The author writes, But in 1875, a Richmond, Virginia, company offered a US$75,000 prize for the invention of an automatic rolling machine. The prize was
The author writes, "But in 1875, a Richmond, Virginia, company offered a US$75,000 prize for the invention of an automatic rolling machine. The prize was claimed by James Bonsack, whose machine could roll 200 cigarettes per minute, dramatically increasing capacity and lowering production costs."
With the help of a demand-supply diagram, explain the impact of the invention of the automatic rolling machine on the market for cigarettes.
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