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True or False: When a hurricane in South Carolina damages the cotton crop, it raises input prices for producing sweatshirts. In a demand and supply
True or False:
When a hurricane in South Carolina damages the cotton crop, it raises input prices for producing sweatshirts. In a demand and supply model, this means the supply of sweatshirts declines, the price of sweatshirts will increase. The demand for sweatshirts decreases.
Examine the validity of the above statement.
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