Demand for iron ore exemplifies typical demand relationship

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The world market demand for iron ore exemplifies a typical demand relationship. On your answer sheet, draw a graph of the initial market demand curve for iron ore in the world.

Assuming iron ore is a(n) normal good, a(n) decrease in price of a related good (particularly a substitute in consumption) leads to (increase, decrease, no change) in demand for iron ore in the world. Now, on the same graph (from above), show the effect of this decrease in the price of a related good (particularly a substitute in consumption).

Reference no: EM131241429

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