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ECON 545 Week 2 Discussion, Shift in Supply and Demand (Graded – 81 Pages)

Choose a commodity (a good or a service) that you are familiar with. Discuss how and when demand and supply have changed (shifted) for this commodity.

Provide examples of historical or current events where market demand and market supply for that commodity have shifted significantly, and state the factors that you believe have caused the shift in supply and/or demand.