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Pick a good or service and illustrate its market with supply and demand curves. Explain what each curve represents and tell what (specifically) would shift each of the curves.
A well-structured answer will include:
• A clear cut choice of a good or service (Say “milk”, not “dairy products”).
• A properly-labeled diagram of the supply and demand curves.
• A discussion of the diagram that tells some specific factors that would shift each curve.
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Describe the macroeconomic factors
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