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During the late 1980's wool prices increased considerably due in part to increased demand by China and the former Soviet Union. From 1977 to 1988, the price of wool for the worsted clothing rose from $3.67 to $5.81 per pound. Expecting that wool prices would remain high, wool producers raised a lot more sheep. Did this result in a shift to the right in the supply curve for wool? Why or why not?

Microeconomics, Economics

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