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The market for beef is busily minding its own business when suddenly, it is faced with a major, successful advertising campaign by pork producers. Caught
The market for beef is busily minding its own business when suddenly, it is faced with a major, successful advertising campaign by pork producers. Caught by surprise, the beef market responds with a price war that becomes excessive, as it lasts too long. (Assume pork and beef are substitutes for this problem.)
a. Sketch and explain in detail the graph of the original market for beef, then show and explain the impact of the pork advertising campaign.
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