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(Solved): The price of lumber rose substantially in the last couple years. Assume the new housing market is pe ...



The price of lumber rose substantially in the last couple years. Assume the new housing market is perfectly competitive - what effect do we expect this will have on housing prices in the short run? The supply curve will shift inward (left), raising housing prices. The demand curve will shift inward (left), lowering housing prices. The supply curve will shift outward (right), raising housing prices. The demand curve will shift outward (right), raising housing prices.


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