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Question: Beginning July 1st Proposition 12 required pigs to be allotted 24 square feet of pen space for their meat (including bacon) to be sold in California. From the article: "...in June, California...[allowed] pork producers ... to sell their pre-existing inventory for the remainder of the year. Prices... charged higher as buyers rushed to load up on supplies before the law came into full effect." Draw a new market graph to show how prices increase and provide a written explanation
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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