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DEMAND, SUPPLY, AND ELASTICITY Shift in Supply & Demand: Choose a commodity (a good or a...

DEMAND, SUPPLY, AND ELASTICITY Shift in Supply & Demand: Choose a commodity (a good or a service) that you are familiar with and discuss how and when demand and supply have changed (shifted) for this commodity. Provide examples of historical or current events where market demand and market supply for that commodity have shifted significantly, and state the factors that you believe have caused the shift in supply and/or in demand.

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