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Question 1: The lumber industry was hit hard by the downturn in housing starts in 2010 and 2011. Prices plunged from $290 per thousand board feet to less than $200 per thousand board feet. Many observers believed this price decrease was caused by the slowing of new home construction because of the glut of unsold homes on the market. Was this price decrease caused by a shift in the supply or demand curve? (Depict a graph showing this situation.)
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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