3) Please evaluate and explain this statement in terms of supply & demand framework, using economic analysis, terms, & graphing (if necessary) used so far for the before and after policy periods (15 pts): Irony in economics: "In 1972, President Nixon 'opened China' to trade with the U.S. This allowed for the possibility of U.S. domestic manufacturers to reach new markets of untapped consumers able to experience American production. In reality over the course of a few decades, China has become the largest manufacturer (not consumer) of various products and the largest trading partner with the U.S., leading to a decline of domestic manufacturing. &quot