Large numbers of low price producers started growing plants

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Supply and Demand Curves explained in this answer

Illustrate the following with supply and demand curves:

A) In 2005, hogs in the United States were selling for $67 each, down from $75 a year before. This was primarily due to the fact that supply had increased during the period to 1.8 million hogs per week.

B) Early in 2007, a survey of greenhouses indicated that the demand for houseplants was rising sharply. AT the same time, large numbers of low cost producers started growing plants for sale. The overall result was a drop in the average price of houseplants and an increase in the number of plants sold.

Reference no: EM1337783

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