Consider the market for copper and exhaustible resource

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Consider the market for copper, an exhaustible resource. Suppose the market is initially in equilibrium, but that an unexpected decrease in demand occurs when consumers learn about a serious mine tailings chemical spill that makes global headlines. What will happen to the market in order to bring it back in equilibrium? Illustrate your answer with four graphs depicting the exhaustible resource equilibrium, similar to those in Figure 5.

Reference no: EM131006149

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