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Think about how demand and supply change in the following scenarios and then briefly describe the effect on SHORT RUN equilibrium prices and quantities for

Think about how demand and supply change in the following scenarios and then briefly describe the effect on SHORT RUN equilibrium prices and quantities for the given market (e.g. price goes down, quantity goes up.) Assume that there is currently some idle capacity unless specified. Lumber prices quadruple. What happens in the market for new homes

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