Question: Examine Figure 3-3 on page 49. Does the price quantity relationship look more like a supply curve or a demand curve? Assuming that the demand

Examine Figure 3-3 on page 49. Does the price quantity relationship look more like a supply curve or a demand curve? Assuming that the demand curve was unchanged over this period, trace supply curves for 1965 and 2008 that would have generated the (P, Q) pairs for those years. Explain what forces might have led to the shift in the supply curve.

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